The update directly regulates trading fees and execution rules for exchange-traded securities on marketplaces and recognized exchanges, which is core to equity trading infrastructure and settlement.
Mandatory inheritance: Equities as primary tag requires Investment Services as the secondary tag, reflecting the asset-management and trading services dimension of equity market regulation.
Specialism
The update establishes regulatory fee caps and trading execution standards for marketplaces and exchanges, which constitutes market conduct supervision and regulatory oversight of trading venues.
The amendments impose specific fee structure requirements and disclosure obligations on recognized exchanges, which relates to regulatory reporting and operational standards for trading venues, though the primary focus is supervisory oversight rather than a specific reporting mandate.
2026-04-23 19:50:32·ataylor@vixio.com
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TITLE: British Columbia Securities Commission Amends Trading Fee Rules for Exchange-Traded Securities
BODY:
The British Columbia Securities Commission (BCSC) has amended National Instrument 23-101 Trading Rules to establish revised fee structures for marketplace trading execution. The amendments, contained in Annex C, modify Section 6.6.1 governing trading fees charged by marketplaces subject to National Instrument 21-101.
The amended rules establish differentiated fee caps based on security classification and execution price. For inter-listed securities (exchange-traded securities also listed on a U.S. national securities exchange), marketplaces must not charge execution fees exceeding $0.0030 per security or unit traded when the execution price is $1.00 or greater, or $0.0004 per security or unit traded when the execution price is below $1.00. For non-inter-listed securities, the fee caps are $0.0017 per security or unit traded at execution prices of $1.00 or greater, and $0.0004 per security or unit traded at execution prices below $1.00.
The amendments define "exchange-traded fund" as a mutual fund with units that are listed or quoted securities and in continuous distribution under applicable securities legislation. Recognized exchanges must maintain and publicly disclose quarterly lists of inter-listed securities on their websites within seven days of each calendar quarter-end, maintaining disclosure for at least 12 months. A transition provision permits exchanges to apply inter-listed security fee rates for up to 35 days following the cessation of a security's inter-listed status, provided the list has been publicly disclosed.
These amendments apply to all marketplaces and recognized exchanges operating within British Columbia's jurisdiction and establish maximum fee thresholds for executing orders against displayed orders on these venues.
REFERENCES:
National Instrument 23-101 Trading Rules, Annex C
ANNEX C BLACKLINE SHOWING AMENDMENTS TO NATIONAL INSTRUMENT 23-101 TRADING RULES Trading Fees 6.6.1 (1) In this section "exchange-traded fund" means a mutual fund a. the units of which are listed securities or quoted securities, and b. that is in continuous distribution in accordance with applicable securities legislation; and "inter-listed security" means an exchange-traded security that is also listed on an exchange that is registered as a "national securities exchange" in the United States of America under section 6 of the 1934 Act. (2) A marketplace that is subject to section 7.1 of NI 21-101 must not charge a fee for executing an order that was entered to execute against a displayed order on the marketplace that, a. in the case of an order involving an inter-listed security, i. is greater than $0.0030 per security traded for an equity security, or per unit traded for an exchange-traded fund, if the execution price of each security or unit traded is greater than or equal to $1.00, and ii. is greater than $0.0004 per security traded for an equity security, or per unit traded for an exchange-traded fund, if the execution price of each security or unit traded is less than $1.00; or b. in the case of an order involving a security that is not an inter-listed security, i. is greater than $0.0017 per security traded for an equity security, or per unit traded for an exchange-traded fund, if the execution price of each security or unit traded is greater than or equal to $1.00, and ii. is greater than $0.0004 per security traded for an equity security, or per unit traded for an exchange-traded fund, if the execution price of each security or unit traded is less than $1.00. (a) is greater than $0.0017 per security traded for an equity security, or per unit traded for an exchange-traded fund, if the execution price of each security or unit traded is greater than or equal to $1.00, and (b) is greater than $0.0004 per security traded for an equity security, or per unit traded for an exchange-traded fund, if the execution price of each security or unit traded is less than $1.00. (3) A recognized exchange must maintain a list of inter-listed securities that are listed on the exchange as of the last day of each calendar quarter. (4) A recognized exchange must publicly disclose on its website the list referred to in subsection (3) a. within 7 days after the last day of each calendar quarter, and b. for a period of at least 12 months commencing on the date it is publicly disclosed on the website. Ceasing to be inter-listed security – fee transition period 6.6.2 If a security ceases to be an inter-listed security, paragraph 6.6.1(2)(b) does not apply if a. less than 35 days has passed since the first date, following the cessation, the list referred to in subsection 6.6.1(4) was publicly disclosed, and b. the fee charged is in compliance with paragraph 6.6.1(2)(a) as if the security were still an inter-listed security.