The guidance clarifies regulatory obligations for marketing, disclosure, and suitability determinations in foreign ETF sales, which are core conduct of business requirements governing how firms treat clients fairly and professionally.
Mandatory inheritance: Conduct of Business is a child of Governance, so Governance must be raised as the secondary tag.
Product
The guidance directly addresses the marketing, sale, and regulatory treatment of exchange-traded funds listed on foreign exchanges, making ETFs the primary product in scope.
The guidance emphasizes disclosure obligations and suitability determinations for execution-only dealers selling foreign ETFs, which relates to the investment platform and dealing service context; flagged for human review due to moderate confidence as the update focuses on ETF products rather than platform infrastructure itself.
Obligation
The guidance clarifies existing regulatory obligations around marketing, know-your-client, know-your-product, and suitability determination for foreign ETFs, which are core disclosure and customer communication requirements that firms must follow when selling these products to Canadian investors.
The guidance also emphasizes suitability determination obligations and encourages improved pre-purchase disclosure practices, which relates to assessing whether a customer meets the qualifying criteria and financial capacity for a specific investment product.
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 know-your-client and suitability determination obligations that apply to foreign ETF sales, making suitability assessment a distinct secondary regulatory focus.
Themes
The guidance centers on know-your-client, know-your-product, and suitability determination obligations that dealers must apply when selling foreign ETFs to retail investors, which directly reflects the Suitability and Appropriateness theme.
The guidance also addresses disclosure obligations and encourages improved pre-purchase disclosure to investors, reflecting the Disclosure and Transparency theme for retail ETF purchasers.
Functions
The guidance directly addresses marketing, promotion, and disclosure obligations for foreign-listed ETFs sold to Canadian retail investors, requiring marketing teams to ensure compliance with prospectus triggers and enhanced disclosure practices.
Wealth management advisers and dealers must apply know-your-client, know-your-product, and suitability determination obligations when recommending or selling foreign ETFs to retail clients.
Keywords
Canadian Securities Administrators CSA, foreign ETFs, exchange-traded funds
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TITLE: Canadian Securities Administrators and 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 registered dealers. While stakeholders support continued investor access to foreign ETFs, concerns have been raised about availability and the need for enhanced disclosure. The CSA and CIRO addressed these concerns by clarifying regulatory obligations and encouraging improved practices. The guidance 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. It clarifies how know-your-product, know-your-client, and suitability determination obligations apply to foreign ETF sales. The guidance also encourages order execution-only dealers to provide improved disclosure to investors before purchase.
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" and "provides information about the existing requirements that apply when marketing or selling foreign ETFs in Canada." Andrew J. Kriegler, President and Chief Executive of CIRO, added that 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.
CSA and CIRO issue guidance on foreign-listed ETF practices | AMF Go to menu Go to main content Published: July 29, 2026 CSA 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 This link will open in a new window . The consultation paper proposed certain enhancements to the ETF regulatory framework, taking into consideration a study of the Canadian ETF market This link will open in a new window conducted by the Ontario Securities Commission and the Good Practices Relating to the Implementation of the IOSCO Principles for Exchange Traded Funds This link will open in a new window 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 This link will open in a new window . Additional news October 14, 2025 CSA extends comment period for consultation on the exchange-traded fund regulatory framework June 19, 2025 Canadian securities regulators launch consultation on ETF framework Share Share the page by e-mail, This link will open in a new window Share the page on LinkedIn, This link will open in a new window Share the page on Facebook, This link will open in a new window Share the page on X, This link will open in a new window