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


Auditor Oversight Issues in Foreign Jurisdictions
Comments Received
April 25, 2017 June 24, 2017


Investment Funds – Amendments (relating to the transition to the T+2 settlement cycle) April 27, 2017 July 26, 2017


Proposed National Instrument 91-102 Prohibition of Binary Options and Related Proposed Companion Policy
Comments Received

April 26, 2017 July 28, 2017


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


CSA Consultation Paper 51-404 Considerations for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers (Extension of Consultation Period)
Comments Received

April 6, 2017 July 28, 2017

Proposed Amendments to NI 45-106 Prospectus Exemptions relating to Reports of Exempt Distribution

June 8, 2017

September 6, 2017

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.

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Number Title Published Comments Due

Consultation on the Option of Discontinuing Embedded Commissions
Comments Received

January 10, 2017

June 9, 2017


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

September 22, 2016

December 22, 2016

24-402 Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Cycle
Comments Received

August 18, 2016

November 16, 2016

31-103 Amendments to 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and 33-109 Registration Information - Amendments
Comments Received

July 7, 2016

October 5, 2016

33-404 Proposals to Enhance the Obligations of Advisers, Dealers, and Representatives toward their Clients
Comments Received

April 28, 2016

September 30, 2016

72-503 Distributions Outside of Canada
Comments Received

June 30, 2016

September 28, 2016

95-401 Margin and Collateral Requirements for Non-Centrally Cleared Derivatives
Comments Received

July 7, 2016

September 6, 2016


OSC Notice 11-777 – Request for Comments Regarding Statement of Priorities for Financial Year to End March 31, 2018
Comments Received
March 23, 2017 May 23, 2017

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


Institutional Trade Matching and Settlement - Amendments
Comments Received

June 26, 2017

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