TITLE: Canadian Securities Administrators and Canadian Investment Regulatory Organization Issue Foreign-Listed Exchange-Traded Fund Guidance
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 responds to stakeholder feedback regarding the availability of foreign ETFs to Canadian investors through Canadian registered dealers. While stakeholders broadly support continued investor access to foreign ETFs, concerns have been raised about their availability and the need for enhanced disclosure to assist investors in making informed decisions.
The guidance addresses three key areas. First, it reminds 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. Second, it clarifies how know-your-product, know-your-client, and suitability determination obligations apply to foreign ETF sales. Third, it encourages order execution-only dealers to consider providing improved disclosure to investors before they purchase foreign ETFs.
Stan Magidson, CSA Chair and Chair and Chief Executive of the Alberta Securities Commission, said the guidance "encourages practices that support investors in making more informed decisions when choosing between Canadian and foreign ETFs." Andrew J. Kriegler, CIRO President and Chief Executive, added that the guidance "will help ensure that Canadian investors who choose to purchase foreign ETFs have a clear understanding of the products they are investing in."
Staff Notice 81-339 follows the June 2025 publication of CSA Consultation Paper 81-409, which proposed enhancements to the ETF regulatory framework. The CSA and CIRO will continue monitoring developments in this area to assess whether further policy initiatives are needed.