The guidance directly addresses know-your-product, know-your-client, and suitability obligations for foreign ETF sales to Canadian investors, which are core conduct of business requirements.
Mandatory inheritance: Conduct of Business is a child of Governance, so Governance must be raised as the secondary tag.
Product
The guidance directly addresses marketing, sale, disclosure and suitability obligations for exchange-traded funds listed on foreign exchanges but sold to Canadian investors.
The guidance emphasizes know-your-product and suitability determination obligations applicable to ETF sales, which relates to advisory and execution-only dealing practices; flagged for human review due to moderate confidence.
Obligation
The guidance's core focus is clarifying how know-your-product, know-your-client, and suitability obligations apply to foreign ETF sales, and encouraging enhanced disclosure to investors before purchase, which are Customer Communication and Disclosure duties.
The guidance also addresses how suitability determination obligations apply to foreign ETF transactions, requiring firms to assess whether a product is suitable for each client, which is a distinct assessment obligation.
Activity
The guidance addresses marketing, promotion and sale of foreign-listed ETFs to Canadian retail investors, which falls within product distribution activities including sales channels and intermediary placement.
The guidance explicitly clarifies how suitability determination obligations apply to foreign ETF sales, requiring dealers to assess product fit against client circumstances.
Themes
The guidance centers on know-your-product, know-your-client, and suitability determination obligations that firms must apply when selling foreign ETFs to Canadian retail investors, which directly reflects the Suitability and Appropriateness theme.
The guidance also addresses disclosure obligations and encourages enhanced disclosure to investors before purchase to support informed investment decisions, reflecting the Disclosure and Transparency theme.
Functions
The guidance directly addresses marketing, promotion, and disclosure obligations for foreign ETFs sold to Canadian investors, requiring marketing teams to ensure compliance with prospectus triggers and enhanced disclosure standards.
Wealth management advisers and order execution dealers must apply know-your-client, know-your-product, and suitability determination obligations when selling foreign ETFs to retail clients, creating a secondary operational impact on advisory and dealing functions.
2026-07-29 18:50:00·ataylor@vixio.com
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TITLE: Canada's Securities Regulators Issue Guidance on Foreign-Listed Exchange-Traded Fund Practices
BODY:
On July 29, 2026, the Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) issued Staff Notice 81-339, providing guidance on industry practices relating to the marketing and sale of exchange-traded funds (ETFs) listed on foreign exchanges but not on Canadian exchanges.
The guidance addresses stakeholder concerns about foreign ETF availability to Canadian investors through registered dealers. While stakeholders broadly support continued investor access to foreign ETFs, some raised concerns about availability and highlighted the need for enhanced disclosure. The CSA and CIRO developed the guidance to respond to these concerns by reminding market participants that active marketing or promotion of a foreign ETF in Canada could trigger prospectus requirements and, in certain jurisdictions, investment fund manager registration requirements. The guidance clarifies how know-your-product, know-your-client, and suitability determination obligations apply to foreign ETF sales. It also encourages order execution-only dealers to provide improved disclosure to investors before they purchase foreign ETFs, supporting more informed investment decisions.
Stan Magidson, CSA Chair and Chair and Chief Executive of the Alberta Securities Commission, said the guidance encourages practices supporting investors in making informed decisions when choosing between Canadian and foreign ETFs. Andrew J. Kriegler, CIRO President and Chief Executive, said the guidance will help ensure Canadian investors purchasing foreign ETFs have a clear understanding of the products they are investing in.
The CSA and CIRO will continue monitoring developments in this area to assess whether further policy initiatives are needed. Staff Notice 81-339 follows the June 2025 publication of CSA Consultation Paper 81-409, which proposed enhancements to the ETF regulatory framework based on an Ontario Securities Commission study of the Canadian ETF market and International Organization of Securities Commissions guidance on exchange-traded funds.
CSA and CIRO issue guidance on foreign-listed ETF practices | Canadian Investment Regulatory Organization Skip to main content Close Search Sort by Newest Oldest Relevant CSA and CIRO issue guidance on foreign-listed ETF practices July 29, 2026 Type: Media Release > General Contact Ariel Visconti Senior Corporate Communications and Public Affairs Specialist 416-526-8240 Email (Toronto) – The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have issued Staff Notice 81-339 , which sets out guidance on industry practices relating to the marketing and sale of exchange-traded funds (ETFs) that are listed on a foreign exchange but not also on a Canadian exchange. The guidance responds to stakeholder feedback received by the CSA regarding the availability of foreign ETFs to Canadian investors through Canadian registered dealers. While there is broad support for continued investor access to foreign ETFs, some stakeholders have noted concerns about the availability of foreign ETFs to Canadian investors and highlighted a need for enhanced disclosure to assist investors. The guidance is intended to respond to the concerns raised and: reminds market participants that active marketing or promotion of a foreign ETF in Canada could trigger the prospectus requirement and, in certain jurisdictions, the investment fund manager registration requirement; clarifies how know-your-product, know-your-client, and suitability determination obligations apply to the sale of foreign ETFs; and encourages order execution-only dealers to consider providing improved disclosure to investors seeking to purchase foreign ETFs, before they make a purchase. “The guidance encourages practices that support investors in making more informed decisions when choosing between Canadian and foreign ETFs,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “It also provides information about the existing requirements that apply when marketing or selling foreign ETFs in Canada.” “As the ETF market continues to grow, this guidance will help ensure that Canadian investors who choose to purchase foreign ETFs have a clear understanding of the products they are investing in,” said Andrew J. Kriegler, President and CEO of CIRO. The CSA and CIRO will continue to monitor developments in this area to assess whether further policy initiatives are needed. The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. CIRO is the pan-Canadian self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. Notes to editors Staff Notice 81-339 follows the June 2025 publication of CSA Consultation Paper 81-409 . The consultation paper proposed certain enhancements to the ETF regulatory framework, taking into consideration a study of the Canadian ETF market conducted by the Ontario Securities Commission and the Good Practices Relating to the Implementation of the IOSCO Principles for Exchange Traded Funds published by the International Organization of Securities Commissions. For media inquiries, please contact: Ilana Kelemen Canadian Securities Administrators [email protected] Julia K. Mackenzie Ontario Securities Commission [email protected] Ariel Visconti Canadian Investment Regulatory Organization [email protected] For investor inquiries, please contact your local securities regulator . July 29, 2026 Type: Media Release > General Contact Ariel Visconti Senior Corporate Communications and Public Affairs Specialist 416-526-8240 Email Other Notices associated with this Enforcement Proceeding: Welcome to CIRO.ca! You can find the Canadian Investment Regulatory Organization (CIRO) at CIRO.ca with our fresh look and feel. Close this popup About CIRO Executive Leadership Team Andrew J. 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