We Want to hear from you
The OSC is constantly working to improve how we regulate Ontario’s capital markets. As part of these efforts, we want to hear from you about our proposed instruments rules and policies.
Proposed Instruments, Rules & Policies
Instruments Currently Out For Public Comment |
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COVID-19 UPDATE: Please note that the deadline for comments on all Instruments currently out for public comment have been extended by 45 days. New deadlines have been posted in the table below. See press release dated April 9, 2020. |
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| Number | Title | Published | Comments Due |
| 32-506, 91-502 |
Proposed OSC Rule 32-506 (Under the Commodity Futures Act) Exemptions for International Dealers, Advisers and Sub-Advisers – Proposed Amendment to OSC Rule 91-502 Trades in Recognized Options under the Securities Act | December 1, 2020 | March 1, 2021 |
| 25-403 | CSA Consultation Paper 25-403 – Activist Short Selling Comments Received |
December 3, 2020 | March 3, 2021 |
Public Comment Period Closed - Comments Under Review |
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The public comment period for each of the rules listed in this section has closed. The comments submitted during the comment period are currently being reviewed by OSC and CSA staff. You may view all of the comments submitted for each of the listed rules during all previous comment periods by clicking on the links provided below.
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| Number | Title | Published | Comments Due |
| 45-106 | Proposed Amendments to National Instrument 45-106 Prospectus Exemptions and Proposed Changes to Companion Policy 45-106CP Prospectus Exemptions Relating to the Offering Memorandum Prospectus Exemption Comments Received |
September 17, 2020 | December 16, 2020 |
| OSC Notice 11-791 - Statement of Priorities - Request for Comments Regarding Statement of Priorities for Financial Year to End March 31, 2022 Comments Received |
November 16, 2020 | December 16, 2020 | |
| 94-101 | Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives and Proposed Changes to Companion Policy 94-101 Mandatory Central Counterparty Clearing of Derivatives Comments Received |
September 3, 2020 | December 2, 2020 |
| 48-501 | Proposed Amendments to OSC Rule 48-501 Trading During Distributions, Formal Bids and Share Exchange Transactions and Proposed Changes to Companion Policy 48-501CP Comments Received |
August 6, 2020 | November 4, 2020 |
| 25-402 | CSA Consultation Paper 25-402 – Consultation on the Self-Regulatory Organization Framework Comments Received |
June 25, 2020 | October 23, 2020 |
| 31-358 | CSA Staff Notice 31-358 Guidance on Registration Requirements for Chief Compliance Officers and Request for Comments Comments Received |
July 2, 2020 | September 30, 2020 |
| 45-106 | CSA Notice of Amendments to National Instrument 45-106 Prospectus Exemptions and National Instrument 31- 103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and Changes to Companion Policy 45-106CP Prospectus Exemptions and Companion Policy 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations relating to Syndicated Mortgages Comments Received |
August 6, 2020 | September 21, 2020 |
| 31-103 | CSA Notice and Request for Comment – Proposed Amendments to NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and Changes to CP 31-103CP Registration Requirements, Exemptions and Ongoing Registrant Obligations to Enhance Protection of Older and Vulnerable Clients Comments Received |
March 5, 2020 | July 20, 2020 |
| 45-110 | CSA Notice and Request for Comment Proposed National Instrument 45-110 Start-up Crowdfunding Registration and Prospectus Exemptions Comments Received |
February 27, 2020 | July 13, 2020 |
| 81-502 | Proposed Ontario Securities Commission Rule 81-502 Restrictions on the Use of the Deferred Sales Charge Option for Mutual Funds and Proposed Companion Policy 81-502 to Ontario Securities Commission Rule 81-502 Restrictions on the Use of the Deferred Sales Charge Option for Mutual Funds and Related Consequential Amendments Comments Received |
February 20, 2020 | July 6, 2020 |
| 52-112 | Proposed National Instrument 52-112 Non-GAAP and Other Financial Measure Disclosure - Proposed Companion Policy 52-112 Non-GAAP and Other Financial Measures Disclosure - Related Proposed Consequential Amendments Comments Received |
February 13, 2020 | June 29, 2020 |
| 11-788 | OSC Notice 11-788 – Statement of Priorities – Request for Comments Regarding Statement of Priorities for Financial Year to End March 31, 2021 Comments Received |
April 30, 2020 | June 1, 2020 |
| 51-405 | CSA Consultation Paper 51-405 – Consideration of an Access Equals Delivery Model for Non-Investment Fund Reporting Issuers Comments Received |
January 9, 2020 | March 9, 2020 |
| 52-108 | CSA Notice and Request for Comment - Proposed Amendments to National Instrument 52-108 Auditor Oversight and Proposed Changes to Companion Policy 52-108 Auditor Oversight Comments Received |
October 3, 2019 | January 2, 2020 |
| 41-101, 81-101, 81-102, 81-106, 81-107 |
CSA Notice and Request for Comment Reducing Regulatory Burden for Investment Fund Issuers – Phase 2, Stage 1 Comments Received |
September 12, 2019 | December 11, 2019 |
| 51-102 | CSA Notice and Request for Comment - Proposed Amendments to National Instrument 51-102 Continuous Disclosure Obligations and Changes to Certain Policies Related to the Business Acquisition Report Requirements Comments Received |
September 5, 2019 | December 4, 2019 |
Instruments with Minister for 60-Day Review and Decision |
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This section identifies all of the rules that are currently with the Minister responsible for the OSC for review and decision and indicates the final day of the Minister's 60 day review period.
Within 60 days after the Commission delivers a rule to the Minister, the Minister may approve or reject the rule, or return it to the Commission for further consideration. If the Minister does not approve, reject or return the rule, it becomes effective 15 days following the conclusion of the 60 day period unless there is a later day specified in the rule in which case the rule comes into force on that later day. You may view the version of the instrument which has been delivered to the Minister for review and decision by clicking on the links below. |
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| Number | Title | Minister's Decision Required by | |