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January 2026 Advocacy Newsletter
Summary:
As we begin 2026, our advocacy work is focused on shaping policy ambitions and discussions that will define the next era of Canada’s investment ecosystem. January 1 marked the coming into force of CIRO’s new proficiency model, a milestone that marks the sunset of the recognition of courses from the Canadian Securities Institute and welcomes new CIRO-administered exams, and with it material new exam exemptions for CFA charterholders and recent CFA Program level 1+ passers. We continue to advance awareness and understanding of what these changes mean for firms, charterholders, and candidates as the new model takes effect.
We’re also deeply engaged in the federal government’s efforts to build Canada’s investment ecosystem through renewal of focused support for venture capital (and within this emerging fund managers), and the adjacent expansion of government efforts into growth equity. We’re hopeful that policy recommendations relating to focused objectives, creating commercially-viable champion GPs of the future, and driving a partnership mindset to maximize private-sector capital contribution ratios can be integrated into final program design and implementation.
Additionally, we’re pushing for a number of other proactive policy shifts with the federal government into the early-2026 parliamentary session, and ultimately the next major policy windows of the spring 2026 economic statement, and the fall 2026 budget. We believe there’s an urgent and important opportunity to turn asset management from a policy afterthought to a platform for accelerating Canada’s economic growth, and growing economic sovereignty.
In late December, the Canadian Advocacy Council (CAC) submitted its response to the CSA’s proposed pilot on semi-annual reporting for venture issuers, reiterating concerns about reduced disclosure frequency and emphasizing the importance of transparency, comparability, and investor protection. The CAC’s responsive efforts now carry forward into several active consultations, including CSA proposals on non-GAAP financial measures and liquidity risk management, where the complexity of modern markets underscores the need for practical, outcomes-focused regulatory design.
We’re encouraged by growing attention on the future of Canadian asset management entrepreneurship, including recent media coverage of the Canadian Asset Management Entrepreneurship Alliance (CAMEA), and continued collaboration across the ecosystem. We’re making promising progress in turning this into meaningful programs, intending to materially shift the growth profile of our industry in certain provinces, and then ultimately across the country.
Together, these efforts reinforce a shared objective for 2026: a more dynamic, competitive, and well-aligned Canadian capital markets environment that supports investors, innovation, and long-term growth.
Michael Thom, CFA
Managing Director
CFA Societies Canada