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Letter Summary:
CFA Societies Canada and the Portfolio Management Association of Canada (PMAC) have jointly submitted a letter to the Canadian Securities Administrators (CSA) urging urgent, practical action to streamline securities regulation across provinces and territories.
Overview of Comments:
On April 14, 2025, CFA Societies Canada and the Portfolio Management Association of Canada jointly issued a letter to the Canadian Securities Administrators (CSA), urging renewed leadership to address persistent fragmentation in Canada’s securities regulation system.
Recognizing today’s pressing economic and geopolitical challenges, the letter calls this a critical opportunity for Canada to pursue greater harmonization of its securities regulation — not through a grand legislative overhaul, but via concrete, actionable reforms using existing frameworks and tools.
Key Proposals for Immediate CSA Action
The letter outlines five strategic initiatives:
- CSA Vision Statement on Harmonization
A call for the CSA to formally adopt harmonization as a core strategic priority, supported by measurable targets and transparent annual reporting on progress and challenges. - Enhanced Transparency
A proposed public-facing dashboard and searchable database to track and explain regulatory differences across jurisdictions, complemented by structured stakeholder feedback mechanisms. - Multilateral Instrument Transition Plan
A multi-year roadmap to convert Multilateral Instruments into National Instruments wherever feasible, supported by sunset clauses and criteria for divergence justification. - Systematic Review of Local Rules
The creation of a taskforce to review and recommend updates or retirements of Local Rules based on clear, consistent criteria, with publicly reported outcomes and milestones. - Model Regulation Development
Establishment of a working group to develop model regulations for areas where formal harmonization is impractical, encouraging voluntary alignment with tracked implementation.