Securities Law & Instruments

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.

Out For Comments Statistics


Proposed Instruments, Rules & Policies



Instruments Currently Out For Public Comment

This section lists all of the rules which are currently out for public comment. You may view all of the comments submitted for each of the listed rules during the current comment period and any previous comment periods by clicking on the links provided below.

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Number Title Published Comments Due
31-103 CSA Notice and Request for Comment – Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations – Custody-Related Amendments October 25, 2018 December 24, 2018
24-102 Proposed Amendments to National Instrument 24-102 Clearing Agency Requirements and Proposed Changes to Companion Policy 24-102 Clearing Agency Requirements
Comments Received
October 18, 2018 January 16, 2019



Public Comment Period Closed - Comments Under Review

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.


Number Title Published Comments Due
81-105 Proposed Amendments to National Instrument 81-105 Mutual Fund Sales Practices and Related Consequential Amendments
Comments Received
September 13, 2018 December 13, 2018
52-112 CSA Notice and Request for Comment – Proposed National Instrument 52-112, Proposed Companion Policy 52-112, Related Proposed Consequential Amendments and Changes
Comments Received
September 6, 2018 December 5, 2018
31-103 Client Focused Reforms - Proposed Amendments to National Instrument 31-103 and Companion Policy NI 31-103CP
Comments Received
June 21, 2018 October 19, 2018
93-102 CSA Notice and Request for Comment - Proposed National Instrument 93-102 Derivatives: Registration and Proposed Companion Policy 93-102 Derivatives: Registration
Comments Received
April 19, 2018 September 17, 2018
93-101 CSA Notice and Second Request for Comment – Proposed National Instrument 93-101 Derivatives: Business Conduct and Proposed Companion Policy 93-101CP Derivatives: Business Conduct
Comments Received
June 14, 2018 September 17, 2018
21-323 CSA Staff Notice and Request for Comment 21-323 Proposal for Mandatory Post-Trade Transparency of Trades in Government Debt Securities, Expanded Transparency of Trades in Corporate Debt Securities and Proposed Amendments to National Instrument 21-101 Marketplace Operation and Related Companion Policy
Comments Received
May 24, 2018 August 29, 2018
45-106 Proposed Amendments to NI 45-106 Prospectus Exemptions and NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations relating to Syndicated Mortgages and Proposed Changes to CP 45-106CP Prospectus Exemptions
Comments Received
March 8, 2018 June 6, 2018
61-303 CSA Staff Notice 61-303 and Request for Comment - Soliciting Dealer Arrangements
Comments Received
April 12, 2018 June 11, 2018
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
October 12, 2017 January 10, 2018

93-101

Proposed National Instrument 93-101 Derivatives: Business Conduct and a related proposed companion policy
Comments Received
April 4, 2017 September 1, 2017

52-403

Auditor Oversight Issues in Foreign Jurisdictions
Comments Received
April 25, 2017 June 24, 2017
95-401 Margin and Collateral Requirements for Non-Centrally Cleared Derivatives
Comments Received

July 7, 2016

September 6, 2016




Instruments with Minister for 60-Day Review and Decision

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.

Number Title Minister's Decision Required by
81-102

CSA Notice and Request for Comment - Modernization of Investment Fund Product Regulation - AlternativeFunds
Comments Received

December 11, 2018



Expected Publications for Comment

This section lists instruments that are expected to be published for comment in the coming months. This section is not meant to be an exhaustive list but aims to provide greater insights, where possible, into those upcoming instruments that are expected to be published. Dates referred to are subject to change.

Number Title Expected Publication Date