CSA IAP Annual Activities Review

January 1, 2025 to December 31, 2025

The activities of the CSA IAP, or the Panel, during the year reflected the panel members’ continued commitment to delivering on its mandate to represent the interests of retail investors by providing independent advice to the CSA. The IAP provides insights and feedback on proposals before they are made public, so that projects benefit from the Panel’s advice and expertise from inception.

In 2025, the IAP continued to provide advice on CSA initiatives that focused on investor protection, improved disclosure, fair and accessible dispute resolution, and the modernization of how information is communicated to Canadian retail investors.

Proposed Framework for an Independent Dispute Resolution Service with Binding Authority

Recognizing the continued importance of this initiative for retail investors, the IAP remained actively engaged with the committee responsible for the CSA’s proposed framework for an independent dispute resolution service with binding authority. In preparation for its public consultation, the committee consulted the IAP to obtain direct comments and feedback on proposed refinements to the framework. The IAP’s engagement built on its longstanding support for this initiative, including its first public comment letter in support of the proposed framework, and reflected the Panel’s view that giving OBSI the power to issue binding decisions is necessary to improving the fairness of Canadian capital markets. Later in 2025, when the committee published the initiative for a new public consultation, the IAP submitted a second public comment letter in support of the amended proposed framework. In that letter, the IAP reiterated its strong support for binding authority, urged the CSA to move expeditiously to complete this critical investor protection project, and focused its comments on matters directly related to investor protection, including accessibility, OBSI’s independence and impartiality.

Proposed Amendments to Modernize the Continuous Disclosure Regime for Investment Funds

The IAP continued to engage with the committee responsible for the CSA’s proposed amendments to modernize the continuous disclosure regime for investment funds. The project aims to streamline unnecessary continuous disclosure requirements while enhancing the usefulness of disclosure for investors, including through the proposed replacement of the existing annual and interim Management Report of Fund Performance with a new annual and interim Fund Report. In 2025, the committee engaged with the IAP on several occasions, including two focused meetings on the proposed Fund Report and the project’s development. Through these discussions, the IAP provided direct input, comments and feedback on the proposal, with a continued focus on ensuring that modernization efforts support clear communication, meaningful disclosure and investor understanding, while remaining aligned with the CSA’s broader objective of protecting investors and reducing unnecessary regulatory burden.

Alternative Delivery of Offering and Continuous Disclosure Documents for Investment Funds

The IAP also engaged with the committee responsible for the CSA’s work on alternative delivery of offering and continuous disclosure documents for investment funds. In 2025, the committee met with the IAP twice to obtain focused feedback and recommendations on possible approaches to modernizing how investment fund disclosure documents are made available to investors. The IAP also provided written comments to the committee. Through this engagement, the IAP emphasized the importance of ensuring that any changes to delivery requirements continue to support meaningful investor access to disclosure, investor understanding and informed decision-making, while also recognizing the potential benefits of modernized communication methods. The Panel’s input reflected its view that efforts to reduce unnecessary regulatory burden and improve the efficiency of disclosure delivery should remain closely aligned with investor protection and the need for clear, accessible and reliable information for retail investors. As CSA policy work continued to address evolving investor needs and changes in how investors access and use information, the IAP remained actively engaged in providing feedback to CSA projects at key stages of their development. Across these initiatives, the Panel continued to emphasize investor protection, meaningful access to disclosure, clear communication and practical outcomes that support informed decision-making by retail investors.

comment letter submitted

The Panel submitted one public comment letter during the reporting period. Panel members worked collaboratively to issue a second comment letter in support of the CSA’s proposed framework for an independent dispute resolution service with binding authority. This submission reflected the IAP’s active engagement with the CSA committee responsible for this initiative, as well as its ongoing commitment to advancing the interests of investors across Canada.