Securities
Securities Division
4th Floor, 2365 Albert Street
Regina, Saskatchewan S4P 4K1
Tel: (306)787-5645
Fax: (306)787-5899
Email: fcaa@gov.sk.ca
Securities
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Current news
Securities – The Securities Commission (Adoption of National Instruments) (MI 96-101) Amendment Regulations, 2025
July 25, 2025 – Today the Financial and Consumer Affairs Authority of Saskatchewan is publishing The Securities Commission (Adoption of National Instruments) (MI 96-101) Amendment Regulations, 2025.
The amendments to Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting (the Amendment Regulation) are aimed at aligning Canadian derivatives data reporting with international standards in a bid to achieve global harmonization. They also reflect updated requirements for trade repository governance and operations to meet international standards. They contain provisions aimed at improving data quality in line with global regulatory practices and introduce a Derivatives Data Technical Manual to provide standardized data formats and reporting values.
The Amendment Regulation will simplify reporting systems for market participants thereby reducing regulatory burden while enhancing market oversight. They will improve data consistency so that securities and derivatives regulators will be better positioned to identify risks and vulnerabilities in the derivatives market, ultimately strengthening market protections.
The Amendment Regulation comes into force on July 25, 2025.
For more information, contact:
Sonne Udemgba
Financial and Consumer Affairs Authority
Director, Legal, Securities Division
400-2365 Albert Street
Regina, SK, S4P 4K1
Tel: 306-787-5879
Fax: 306-787-5899
Email: sonne.udemgba@gov.sk.ca
Securities – CSA Notice regarding Coordinated Blanket Order 81-930 Exemptions from Certain Repurchase Transactions Requirements for Investment Funds
July 24, 2025 – The Financial and Consumer Affairs Authority of Saskatchewan along with other members of the Canadian Securities Administrators (the CSA) are publishing substantively harmonized exemptions from certain repurchase transaction requirements in National Instrument 81-102 Investment Funds (NI 81-102) to allow investment funds to access the Bank of Canada’s repurchase facility, the Contingent Term Repo Facility (CTRF). The purpose of the Coordinated Blanket Order 81-930 Exemptions from Certain Repurchase Transactions Requirements for Investment Funds is to provide investment funds with exemptions from certain repurchase transaction requirements in NI 81-102 to facilitate access to the CTRF offered by the Bank of Canada should it become activated in the future. The Bank of Canada has developed the CTRF to support the stability of the Canadian financial system by assisting market participants to address liquidity issues that may arise if there are severe market-wide liquidity stresses. Under the CTRF, the Bank of Canada will repurchase certain eligible fixed income securities issued or guaranteed by the Government of Canada or a provincial government. The CTRF offers Canadian-dollar funding for a term of up to 30 days to eligible participants.
- CSA Notice regarding Coordinated Blanket Order 81-930 Exemptions from Certain Repurchase Transactions Requirements for Investment Funds
- GO 81-930 July 24, 2025
For more information, contact:
Sonne Udemgba
Financial and Consumer Affairs Authority
Director, Legal, Securities Division
400-2365 Albert Street
Regina, SK, S4P 4K1
Tel: 306-787-5879
Fax: 306-787-5899
Email: sonne.udemgba@gov.sk.ca
Securities – 2024 Oversight Review Report of Canadian Investment Regulatory Organization
July 23, 2025 – The Canadian Securities Regulators (CSA) are publishing the 2024 Oversight Review Report of Canadian Investment Regulatory Organization.
The Canadian Investment Regulatory Organization (CIRO) is recognized as a self-regulatory organization by the Alberta Securities Commission; the Autorité des marches financiers; the British Columbia Securities Commission; the Manitoba Securities Commission; the Financial and Consumer Services Commission of New Brunswick; the Office of the Superintendent of Securities, Digital Government and Service Newfoundland and Labrador; the Office of the Superintendent of Securities, Northwest Territories; the Nova Scotia Securities Commission; the Office of the Superintendent of Securities, Nunavut; the Ontario Securities Commission; the Prince Edward Island Office of the Superintendent of Securities; the Financial and Consumer Affairs Authority of Saskatchewan; and the Office of the Yukon Superintendent of Securities (collectively, the Recognizing Regulators). The Recognizing Regulators of CIRO have jointly completed an annual risk-based oversight review (the Review) that targeted specific processes within the following functional areas:
- Information Technology,
- Membership Intake, and
- Trading Conduct Compliance.
This report details the objectives and the key areas that formed the basis of the Review conducted by staff of the Recognizing Regulators of CIRO. The objectives of the annual risk-based oversight review were to evaluate whether selected regulatory processes were effective, efficient, applied consistently and fairly, and whether CIRO complied with the terms and conditions of the Recognizing Regulators’ recognition orders.
For more information, contact:
Curtis Brezinski
Financial and Consumer Affairs Authority of Saskatchewan
Compliance Auditor, Capital Markets
Securities Division
4th Floor, 2365 Albert Street
Regina SK S4P 4K1
Bus: 306-787-5876
Fax: 306-787-5899
Email: curtis.brezinski@gov.sk.ca
Securities – CSA Staff Notice 31-366 OBSI Joint Regulators Committee Annual Report for 2024
July 17, 2025 – The Canadian Securities Administrators (CSA) is publishing CSA Staff Notice 31-366 OBSI Joint Regulators Committee Annual Report for 2024. The purpose of this notice is to provide an overview of the Joint Regulators Committee (JRC) and to highlight major activities conducted or reviewed by the JRC during the 2024 calendar year. This notice refers to events that occurred early in 2025 where they provide appropriate context for JRC’s 2024 activities.
For more information, contact:
Liz Kutarna
Financial and Consumer Affairs Authority of Saskatchewan
Director, Capital Markets
Securities Division
4th Floor, 2365 Albert Street
Regina, SK S4P 4K1
Bus: 306-787-5871
Fax: 306-787-5899
Email: liz.kutarna@gov.sk.ca
Securities – The Securities Commission (Adoption of National Instruments) (NI 81-102) Amendment Regulations, 2025
July 16, 2025 – Today the Financial and Consumer Affairs Authority of Saskatchewan is publishing The Securities Commission (Adoption of National Instruments) (NI 81-102) Amendment Regulations, 2025. The amendments to National Instrument 81-102 Investment Funds and Companion Policy 81-102 Investment Funds (the Amendments) will codify practices of existing Public Crypto Asset Funds, developed mainly through the prospectus review process, as well as codify exemptive relief previously granted to existing Public Crypto Asset Funds. The Amendments will provide investment fund managers with greater regulatory clarity concerning investments in crypto assets. The intent is to facilitate new product development while also ensuring that appropriate risk mitigation measures are built directly into the investment fund regulatory framework.
For more information, contact:
Graham Purse
Financial and Consumer Affairs Authority
Legal Counsel, Securities Division
400-2365 Albert Street
Regina, SK, S4P 4K1
Bus: 306-787-5867
Fax: 306-787-5899
Email: graham.purse2@gov.sk.ca
Securities - CSA Notice and Request for Comment 25-314 Proposed approach to oversight and refinements to the proposed binding authority framework for an identified ombudservice
July 15, 2025 - Today, the Canadian Securities Administrators (CSA) published CSA Notice and Request for Comment 25-314 Proposed approach to oversight and refinements to the proposed binding authority framework for an identified ombudservice, seeking public comment on their proposed oversight framework for an independent dispute resolution service. The Ombudsman for Banking Services and Investments (OBSI) is expected to serve in this role.
The oversight framework consists of two main components: designation orders that would establish the terms and conditions OBSI must follow, and a Memorandum of Understanding detailing how the CSA would supervise OBSI. Each participating jurisdiction will need enabling legislation to implement this framework.
The CSA is also proposing refinements to the regulatory framework they initially published in November 2023. The key change involves a two-stage complaint resolution process. Stage 1 would involve OBSI conducting an investigation and making a recommendation, while Stage 2 would be an optional review and decision phase. Under the proposed refinements, if a Stage 1 recommendation involves $75,000 or more and either party requests Stage 2 review, OBSI would be required to appoint external decision makers to conduct the review and issue a final, binding decision.
These refinements are designed to address concerns about the potential impact of higher-value recommendations once they become binding decisions, responding to feedback received on the original 2023 proposal.
- CSA Notice and Request for Comment 25-314
- Annex A – Draft Designation Order for the identified ombudservice
- Annex B – Draft Memorandum of Understanding
The comment period ends September 15, 2025.
For more information contact:
Mobolanle Depo-Fajumo
Financial and Consumer Affairs Authority
Legal Counsel, Securities Division
400-2365 Albert Street
Regina, SK, S4P 4K1
Bus: 306-798-3381
Fax: 306-787-5899
Email: mobolanle.depofajumo2@gov.sk.ca
Securities - CSA Notice of Publication Amendments to Multilateral Instrument 13-102 System Fees
July 10, 2025 - The Financial and Consumer Affairs Authority of Saskatchewan is publishing CSA Notice of Publication Amendments to Multilateral Instrument 13-102 System Fees. The amendments to Multilateral Instrument 13-102 System Fees will lead to annual increases in Canadian Securities Administrators (CSA) system fees over a 5-year period commencing on November 28, 2025. Provided all required approvals are obtained, the Amendments will come into force on November 28, 2025, in all CSA jurisdictions.
- CSA Notice of Publication Amendments to Multilateral Instrument 13-102 System Fees
- Annex A - Amendments to MI 13-102 System Fees
- Annex B - List of Commenters
- Annex C - Summary of Comments and CSA Responses
For more information contact:
Sonne Udemgba
Financial and Consumer Affairs Authority of Saskatchewan
Director, Legal, Securities Division
4th Floor, 2365 Albert Street
Regina, SK S4P 4K1
Tel: 306-787-5879
Fax: 306-787-5899
Email: sonne.udemgba@gov.sk.ca
Securities – The Securities Commission (Adoption of National Instruments) (NI 45-110) Amendment Regulations, 2025
July 7, 2025 – Today the Financial and Consumer Affairs Authority of Saskatchewan is publishing The Securities Commission (Adoption of National Instruments) (NI 45-110) Amendment Regulations, 2025. The Amendment is aimed at permitting Saskatchewan co-operatives to utilize the crowdfunding exemption in National Instrument 45-110 Start-up Crowdfunding Registration and Prospectus Exemptions.
For more information, contact:
Graham Purse
Financial and Consumer Affairs Authority
Legal Counsel, Securities Division
400-2365 Albert Street
Regina, SK, S4P 4K1
Bus: 306-787-5867
Fax: 306-787-5899
Email: graham.purse2@gov.sk.ca
Securities – CSA Staff Notice 51-366 Regulatory Concerns with Certain Asset or Business Acquisitions
July 3, 2025 – Today the Financial and Consumer Affairs Authority of Saskatchewan is publishing CSA Staff Notice 51-366 Regulatory Concerns with Certain Asset or Business Acquisitions.
The Canadian Securities Administrators (CSA) have identified regulatory concerns with certain transactions, primarily taking place in venture markets, in which reporting issuers distribute a significant number of securities to acquire assets or businesses that appear to have little or no actual value or operating history at what appear to be significantly inflated prices.
The CSA are issuing this notice to illustrate the key regulatory and investor protection concerns we are seeing with these types of acquisitions, including concerns with misleading disclosure that could constitute market manipulation and to remind reporting issuers of the requirements that may apply.
For more information, contact:
Heather Kuchuran, Director
Corporate Finance, Securities Division
Financial and Consumer Affairs Authority of Saskatchewan
4th Floor, 2365 Albert Street
Regina, SK S4P 4K1
Phone: 306-787-1009
E-mail: heather.kuchuran@gov.sk.ca
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Securities Division
4th Floor, 2365 Albert Street
Regina, Saskatchewan S4P 4K1
Tel: (306)787-5645
Fax: (306)787-5899
Email: fcaa@gov.sk.ca