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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The CSA will raise system fees for the National Registration Database (NRD) over five years starting November 28, 2025. The increases are needed to fund national system operations, but no new fees will be added. The amendments simply raise the total fees collected, using the CSA’s existing flat per-filing model to ensure fair, transparent, and proportional cost recovery.

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The Canadian Securities Administrators propose updating National Instrument 52-112 to align with IFRS 18, effective January 1, 2027, in order to preserve key financial-measure disclosures while avoiding redundant reporting and lowering regulatory burden for Canadian issuers. The proposals are out for comment until February 11, 2026.

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The Ontario Securities Commission (OSC) is increasing oversight of the exempt market by publishing a “non-delivery” list that identifies issuers who fail to submit required annual financial statements, and by conducting compliance examinations of Exempt Market Dealers to ensure they have proper know-your-product controls when distributing securities from these non-compliant issuers.

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The Ontario Securities Commission’s (OSC) Investment Management Division Annual Report, is sharpening its regulatory focus, moving from broad oversight toward more targeted examinations of new asset types and fund structures. The report identifies three central themes shaping the regulatory landscape: operational stability, regulatory change, and emerging product risks.

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The Canadian Investment Regulatory Organization (CIRO) is seeking feedback from the Canada Revenue Agency, (CRA) to address a long-standing gap between Investment Dealer advisors and mutual fund dealer advisors. CIRO proposes a new registration category for advisor corporations, the “incorporated approved person”, to ensure corporate oversight.

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The Canadian Investment Regulatory Organization (CIRO) is proposing to permit Investment Dealer advisors to receive compensation through personal corporations. The change aims to harmonize allowable compensation options for investment dealer and mutual fund dealer advisors, improve financial flexibility for advisors, and ensure consistent regulatory oversight.

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