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June 2026 Advocacy Newsletter

Summary:

As our operating year draws to a close, we’re taking stock of progress and our achievements in the past twelve months and thinking about the road ahead. We’re realigning our resources and efforts to focus more on the big questions of what kind of investment ecosystem we want to see growing in Canada, and the change required to get there. We’re increasingly impatient with the piecemeal and incremental approaches to regulatory reform that characterize much of what we now see as available opportunities to comment reactively. We’re seeking to spur more ambitious and forward-thinking initiatives in the year(s) ahead, and looking for like-minded thought partners. We believe we owe it to our members to maximize their opportunities in a thriving investment ecosystem that better serves the needs of Canadian investors and the capital formation needs of our economy, and that it’s a time to be bold.

This month, we completed several submissions to regulatory consultations, including responses on insider reporting requirements, CIRO’s Rule Consolidation Project, and their proposed dual registration reforms. Across these files, a consistent theme emerged: regulatory frameworks should be principles-based, technologically modern, and focused on outcomes, while providing sufficient clarity and certainty for market participants. We continue to advocate for approaches that reduce unnecessary complexity, are competition-positive, strengthen market integrity, and support efficient capital formation.

At the same time, our work continues across a number of active consultations, including the OSC’s initiative to develop machine-readable securities regulation, proposed amendments relating to client delivery obligations, continuing education harmonization, fee modernization, and reforms to Canada’s take-over bid and beneficial ownership reporting regimes. Collectively, these initiatives reflect a growing recognition that Canada’s regulatory infrastructure must evolve alongside advances in technology, data accessibility, and compliance automation.

We are also grateful for this year’s leadership of volunteers across our organization. Through the contributions of our Board of Directors, the Canadian Advocacy Council, and the Canadian Investment Performance Council, practitioner expertise continues to strengthen our advocacy efforts, advance industry best practices, and ensure that the perspectives of investment professionals remain well represented in public policy discussions.

As we look toward the second half of 2026, our focus remains clear: boldly advancing a more competitive, innovative, and globally relevant Canadian investment ecosystem that serves investors, supports economic growth, and helps position Canada for long-term success.

Michael Thom, CFA

Managing Director

CFA Societies Canada