The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) issued new guidance for financial content creators, or “finfluencers.” The guidance helps influencers and the firms they collaborate with navigate and comply with securities laws when sharing investment-related information online.

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The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have released the results of a second review of registrants’ compliance with the Client Focused Reforms (CFRs). This Phase 2 sweep assessed 105 firms’ compliance with the KYC, KYP, and suitability requirements, following an earlier review focused on conflicts of interest.

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The Canadian Investment Regulatory Organization (CIRO) has introduced InnovateSafe, a new regulatory sandbox that enables CIRO-regulated firms to test emerging products and technologies in a controlled, supervised environment. InnovateSafe will help firms develop compliant, market-ready solutions by providing temporary approvals and, when appropriate, targeted exemptive relief.

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The Canadian Investment Regulatory Organization (CIRO) plans to release the final version of its proposed consolidated rulebook in February 2026 and will extend the public comment period. The organization will allow a 120-day comment period, giving dealers additional time to review the full proposal.

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The Ontario Securities Commission (OSC) has outlined its priorities for 2026–2027, seeking comments by January 12, 2026. The plan targets emerging risks like AI and crypto, boosts investor protection with a new ombudsman service and tighter sales oversight, and aims to crack down on fraud and online scams. The OSC also plans to streamline rules,  and strengthen its influence in national and global policy.

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The Canadian Securities Administrators (CSA) are proposing new rules to help investment funds manage liquidity risk and meet investor redemption demands. Open for comment until March 27, 2026, the proposals would require funds to implement a liquidity risk management framework with operational and oversight standards.

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On November 27, 2025, the CSA announced it will end the temporary exemption that let exempt market dealers (EMDs) join selling groups in prospectus offerings. By October 20, 2025, only three EMDs filed the required forms, and only two joined two offerings each. The CSA now seeks feedback to understand the low participation. Comments are open until January 26, 2026.

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The Ontario Securities Commission (OSC) is seeking feedback on expanding retail access to illiquid, long-term asset funds, including disclosure challenges and barriers to holding them in RRSPs. The OSC also released consultation findings on its long-term asset fund (LTAF) initiative and asked various industry players what regulatory relief they would need.

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The Canadian Council of Insurance Regulators (CCIR) and the Canadian Insurance Services Regulatory Organizations (CISRO) issued segregated funds guidance, setting national expectations for insurers, intermediaries, agents, and MGAs. The guidance addresses gaps in conduct standards for selling and servicing segregated funds.

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Advocis warns that the Financial Services Regulatory Authority of Ontario’s (FSRA) plans to reclassify thousands of small advisory firms as “Managing General Agents,” (MGA) adding fees and compliance rules that could raise costs and limit access to advice. The group is urging to delay the November 19, 2025 deadline and tighten the definition to affect only true MGAs.

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