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February 2026 Advocacy Newsletter

Summary:

As we move further into 2026, our efforts proactively are increasingly focused on how to solve for the competitiveness of Canadian asset management in an increasingly challenging global environment, and the role that our industry plays in ensuring Canadian economic sovereignty. We find these questions broadly under-addressed and not sufficiently underpinning what we’re seeing from Canada’s securities regulators in new policy projects or in the process of how existing regulation evolves. Reactively, we remain engaged in focus on the infrastructure of modern capital markets, how we measure performance, how we disclose financial information, and how we ensure regulatory frameworks evolve alongside global standards, but are increasingly demanding refreshed approaches to ‘how regulation gets done’ both in terms of its delivery for the public interest, and its impact on the vitality and competitiveness of the Canadian asset management industry as global regulatory and policy norms diverge.

This month, the Canadian Advocacy Council submitted its response to the CSA’s proposed amendments to NI 52-112 to address the introduction of IFRS 18. We supported the CSA’s efforts to ensure that management-defined performance measures remain subject to clear securities-law expectations, while also encouraging a longer-term shift toward structured, machine-readable disclosure. Moving beyond PDF-based filings toward utility-led, data-driven infrastructure such as iXBRL is not simply a technical upgrade. It is foundational to improving transparency, comparability, and market efficiency in a digital era.

At the same time, response drafting continues on the CSA’s proposed liquidity risk management amendments. As funds grow more complex, it is critical that Canadian rules remain fit-for-purpose, expertise-led, and strengthen oversight while remaining operationally practical and outcomes-focused.

We are also encouraged by the continued strength of practitioner contributions across our volunteer councils. This month’s spotlight on Geordie Hungerford, CFA, underscores the importance of integrating Indigenous perspectives into capital markets policy, particularly as it relates to disclosure, accountability, and investor protection.

Stay tuned for more in the coming months on the renewed role that Canada’s asset management professionals and sector should play in ensuring Canada’s economic sovereignty, addressing needs for strategic investment, and correcting long-standing challenges in growth and productivity in our economy.

Michael Thom, CFA

Managing Director

CFA Societies Canada