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On September 8, 2026, the Canadian Securities Administrators (CSA) published a report examining data portability in the Canadian investment market. The report represents the outcome of eighteen months of research and stakeholder engagement conducted through the CSA's Collaboratory, an initiative exploring the implications of new technologies and business models. The project examined how investors' personal and financial data, particularly Know Your Client (KYC) data, could be securely and efficiently transferred between market participants—including investment firms and financial technology (fintech) firms—at the investor's request. Data portability would reduce friction in switching financial providers and facilitate opening accounts at multiple firms, thereby improving investor choice. The CSA convened a diverse group of participants, including securities regulators, investment industry representatives, third-party service providers, investor advocates, and academics, to explore the benefits and challenges of different data-sharing models. While stakeholders reached no consensus on an optimal model, market participants agreed that increased data portability could be incentivized through legislation, regulation, or guidance. Some participants expressed uncertainty regarding the use of third parties to assist in collecting and transferring KYC information and suggested the CSA clarify how KYC obligations should apply in data portability contexts. The CSA decided against pursuing a live data portability test at this time, preferring to monitor development of the federal government's consumer-driven banking framework, which will be overseen by the Bank of Canada and will establish foundational data-sharing standards relevant to investment firms and their customers. Stan Magidson, CSA Chair and chief executive of the Alberta Securities Commission, said the project has established a foundation of knowledge and stakeholder networks to help regulators and firms navigate this emerging area. The Ontario Securities Commission did not participate in this project.

On September 8, 2026, the Canadian Securities Administrators (CSA) published the Data Portability Project Report, summarizing findings from a two-phase initiative exploring how data portability can enhance investor control over personal data, particularly through electronic Know-Your-Client (KYC) processes. Key findings and recommendations from the report include: Phase 1: Regulatory uncertainty as a barrier: Stakeholders expressed significant concern about how existing securities laws apply to data portability, particularly regarding KYC delegation restrictions and "meaningful interaction" requirements under National Instrument 31-103 . Uncertainty about whether using data portability service providers would violate these rules has deterred adoption. Phase 2: Implementation models discussed: Stakeholders explored four potential models for data portability, evaluating factors such as competitiveness and flexibility. No clear consensus emerged on a preferred model, though participants emphasized the importance of security, consent management, and accountability regardless of the underlying architecture. The report notes that data portability could reduce friction in customer onboarding for investors switching providers, while suitability assessments would be informed by ported KYC data. Privacy, security, and consent management: Stakeholders emphasized that investor consent must be explicit, revocable, and easy to manage through tools like "consent dashboards." Quebec participants highlighted the need to align with the province's Law 25 requirements for clear, time-limited consent. Data minimization principles and strong cybersecurity measures were identified as critical priorities. Key learnings and recommendations: Technology to enable data portability already exists, but implementation challenges remain in standardization, integration with firm workflows, and regulatory compliance. The CSA will use the feedback gathered to inform future rulemaking, guidance, and policy development, and will continue to monitor developments in the data portability ecosystem. The report concludes that the CSA will continue to monitor federal developments, consider clarifying KYC obligations in a data portability context, and monitor industry standards development.

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Canadian Securities Administrators Publish Report on Data Portability in Investment Markets

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Canadian Securities Administrators Publishes Data Portability Project Report