pc
nid 91851
Apr 09, 2026
ataylor@vixio.com
British Columbia
The British Columbia Securities Commission
financial services
92% of draft length
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2049 charsCanadian Securities Administrators Propose Amendment to Insider Reporting Requirements for Investment Funds and Structured Products
On April 9, 2026, the Canadian Securities Administrators (CSA) published a proposed amendment to Part 9 of National Instrument 55-104 Insider Reporting Requirements and Exemptions (NI 55-104) for a 60-day comment period.
The proposed amendment clarifies the insider reporting regime applicable to transactions involving investment funds and certain structured products, including structured notes, American Depositary Receipts (ADRs), and Canadian Depositary Receipts (CDRs) based on securities of a reporting insider's reporting issuer. The amendment follows the launch of single-issuer exchange-traded funds in the Canadian market in August 2025 and the subsequent introduction of funds tracking major Canadian reporting issuers, as well as structured products providing alternative economic exposure to reporting issuers.
The proposed amendment would exclude investment funds from the exemption in paragraph 9.7(g) of NI 55-104, ensuring that the exemption in paragraph 9.7(f)—which requires that securities of the reporting issuer do not form a material component of the investment fund's market value—becomes the relevant exemption for acquisitions or dispositions of investment fund securities by reporting insiders. Additionally, the amendment clarifies that paragraph 9.7(g) does not apply to certain structured products where the value or market price is derived from, referenced to, or based on an underlying security that includes a reporting issuer's security or a related financial instrument as a material component.
The comment period closes on June 8, 2026. Submissions can be made through the CSA consultation portal at https://www.securities-administrators.ca/consultations/csa-notice-and-request-for-comment-proposed-amendment-to-national-instrument-55-104-insider-reporting-requirements-and-exemptions-relating-to-investment-funds-and-certain-structured-products/. All comments received will be published on the websites of the Alberta Securities Commission, Autorité des marchés financiers, and Ontario Securities Commission.
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1882 charsCanadian Securities Administrators Publish Proposed Amendment to Insider Reporting Requirements
On April 9, 2026, the Canadian Securities Administrators (CSA) published proposed amendments to National Instrument 55-104 Insider Reporting Requirements and Exemptions (NI 55-104) for public comment. According to the CSA's press release , the proposal focuses on clarifying and narrowing the application of existing insider reporting exemptions under Part 9.7, specifically paragraphs 9.7(f) and 9.7(g), to better align their use with original policy intent.
The key elements of the proposal include:
Clarified Use of Paragraph 9.7(f): The CSA confirms that the exemption in paragraph 9.7(f) is intended for reporting insiders who acquire or dispose of securities of an investment fund that may hold securities of the insider’s reporting issuer, provided that the issuer securities do not form a material component of the fund’s market value.
Exclusion from Paragraph 9.7(g) for Investment Funds: The Proposed Amendment would expressly exclude investment funds from relying on the exemption in paragraph 9.7(g), clarifying that this exemption was not designed for fund-related transactions and should not be used as an alternative to paragraph 9.7(f).
Primary Reliance on 9.7(f) for Fund Transactions: As a result of the proposed changes, paragraph 9.7(f) would become the relevant exemption for reporting insiders engaging in acquisitions or dispositions of investment fund securities, reinforcing a single pathway for such transactions.
Application to Structured Products: The CSA proposes to clarify that the exemption in paragraph 9.7(g) does not apply to certain structured products such as structured notes, ADRs, or CDRs, where the value or market price is derived from or materially linked to a security of the reporting issuer or a related financial instrument.
The CSA is seeking public comment on the proposed amendments. The comment period closes on June 8, 2026.