meta_id 3092316

On April 23, 2026, the Canadian Securities Administrators (CSA), the council of securities regulators across Canada's provinces and territories, announced the adoption of final amendments to National Instrument 23-101 Trading Rules and changes to Companion Policy 23-101 Trading Rules. The amendments lower the maximum fee for executing orders involving trades in securities priced at CAD $1.00 or more that are listed on both a Canadian recognized exchange and a U.S. registered national securities exchange (U.S. Inter-listed Securities). Following this change, all securities priced at CAD $1.00 or more will have an active trading fee cap of CAD $0.0017. The CSA received 10 responses to the request for comment published on January 23, 2025, and considered all feedback received before finalizing the amendments. The CSA intends to monitor the impact of the fee cap change over time and will assess whether further adjustments are required. Any future changes will be subject to public consultation. In a related initiative, the Canadian Investment Regulatory Organization published a Bulletin on Amendments Respecting Trading Increments to align Canadian trading increments for certain U.S. Inter-listed Securities with the equivalent minimum pricing increment for these securities in the U.S. The final amendments will come into force on November 2, 2026, provided all necessary ministerial approvals are obtained. A summary of comments received and responses are contained in Annex E of the notice, with copies of comment letters available at www.osc.ca and www.lautorite.qc.ca.