The update regulates trading fees and execution practices for securities listed on recognized exchanges, which relates to equity market infrastructure and trading conduct, though the focus is narrowly on fee mechanics rather than equity issuance or brokerage services.
Mandatory inheritance: Equities as primary tag requires Investment Services as the secondary parent category, reflecting the asset-management and trading infrastructure dimension of equity market regulation.
Specialism
The update establishes fee caps and operational procedures for trading on recognized exchanges, which constitutes regulatory oversight of market conduct and exchange operations.
The fee cap rules and transparency requirements for inter-listed securities represent conduct standards for marketplace operators, though the primary focus is supervisory rather than conduct-specific.
2026-04-23 19:50:48·ataylor@vixio.com
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TITLE: British Columbia Securities Commission Updates Trading Fee Rules for Inter-Listed Securities
BODY:
The British Columbia Securities Commission (BCSC) has updated Companion Policy 23-101 Trading Rules to clarify trading fee provisions for inter-listed securities on recognized exchanges in British Columbia.
Section 6.6.1 of the updated policy establishes fee caps for execution against displayed orders on marketplaces subject to National Instrument 21-101. The policy creates a higher trading fee cap for exchange-traded securities that are inter-listed—meaning listed on both a recognized exchange and a national securities exchange in the United States—and priced at or above $1.00. To ensure transparency regarding a security's inter-listed status, the policy requires recognized exchanges to publish a quarterly list of all inter-listed securities no later than seven days after the end of each quarter. Exchanges may rely on representations from listed issuers when compiling these lists.
Section 6.6.2 addresses situations where a security's inter-listed status changes. When a security is delisted from all U.S. national securities exchanges and is now only listed on a recognized exchange in Canada, it is no longer considered inter-listed. In such cases, marketplaces must reduce their fees to comply with the applicable fee cap no later than 35 days following publication of the first list indicating the security is no longer inter-listed.
These amendments apply to all marketplaces and recognized exchanges operating in British Columbia that are subject to National Instrument 21-101 and establish clearer operational procedures for managing trading fees based on securities' listing status.
ANNEX D BLACKLINE SHOWING CHANGES TO COMPANION POLICY 23-101 TRADING RULES 6.4.1 Trading Fees – Section 6.6.1 provides caps on the fee that a marketplace subject to section 7.1 of NI 21-101 can charge for execution against a displayed order on the marketplace. Paragraph 6.6.1(2)(a) establishes a higher trading fee cap for exchange-traded securities that are inter-listed (i.e., listed on both a recognized exchange and a national securities exchange in the United States of America) and priced at or above $1.00. Subsections 6.6.1 (3) and (4) provide a process to ensure transparency of a security's status as an inter-listed security, and require a recognized exchange to publish a quarterly list of all of its inter-listed securities no later than seven days after the end of each quarter. In compiling the list, an exchange may rely on representations made by its listed issuers as to their status. Section 6.6.2 addresses the situation where a security's status as an inter-listed security changes, specifically, when a security is delisted from all U.S. national securities exchanges on which it was listed and is now only listed on a recognized exchange in Canada and is no longer an inter-listed security. Section 6.6.2 requires marketplaces to make any reductions to their fees that are necessary to comply with paragraph 6.6.1(2)(b) no later than 35 days following the publication of the first list indicating that the security is no longer an inter-listed security.