CSA Multilateral Staff Notice 31-367 Notice and Consultation Regarding CSA Coordinated Blanket Order 31-930 Exemption to Allow Exempt Market Dealer Participation in Selling Groups in Offerings of Securities Under a Prospectus

The securities regulators of Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario, Québec, and Saskatchewan are publishing Multilateral Staff Notice 31-367 to update market participants and seek feedback on the use of a time-limited exemption outlined in the notice.

Participating CSA members are seeking feedback to help inform future policy-making, including whether a revised exemption should be considered.

Closing Consultation Date: January 26, 2026

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A copy of the Staff Notice can also be found on the website of the participating jurisdictions:
Alberta, British Columbia, New Brunswick, Nova Scotia, Ontario, Québec, Saskatchewan

Questions about this proposal? Please refer to any of the following:

BC Securities Commission Khalil Jessa Senior Legal Counsel, Capital Markets Regulation kjessa@bcsc.bc.ca
Alberta Securities Commission Bonnie Kuhn Senior Legal Counsel, Market Regulation bonnie.kuhn@asc.ca
Financial and Consumer Affairs Authority of Saskatchewan Mobolanle Depo-Fajumo Senior Legal Counsel, Securities Division mobolanle.depofajumo2@gov.sk.ca
Ontario Securities Commission Gloria Tsang Senior Legal Counsel, Trading & Markets gtsang@osc.gov.on.ca Namrata Bhagia Legal Counsel, Trading & Markets nbhagia@osc.gov.on.ca	Vladimir Goryushin Legal Counsel, Trading & Markets vgoryushin@osc.gov.on.ca
Autorité des marchés financiers Pascale Toupin Director, Oversight of Intermediaries pascale.toupin@lautorite.qc.ca	Gabriel Chénard Senior Policy Analyst, Oversight of Intermediaries gabriel.chenard@lautorite.qc.ca
Financial and Consumer Services Commission of New Brunswick Clayton Mitchell Registration and Compliance Manager clayton.mitchell@fcnb.ca
Nova Scotia Securities Commission Doug Harris General Counsel, Director of Market Regulation and Policy and Secretary doug.harris@novascotia.ca

Technical questions about submitting your comments? Click here to contact the CSA Secretariat. Or alternatively please reach out to info@acvm-csa.ca.

CSA Multilateral Staff Notice 31-367 Notice and Consultation Regarding CSA Coordinated Blanket Order 31-930

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General Comments

1. Are there any significant factors not identified below that contributed to the limited use of the Blanket Order?

2. Do stakeholders have any additional feedback on the exemption to allow the participation of exempt market dealers in selling groups for prospectus offerings?

3. Should compensation to exempt market dealers that participate as members of selling groups in prospectus offerings be limited? Why or why not?

4. If compensation to exempt market dealers that participate as members of selling groups in prospectus offerings should be limited, how should the limit on compensation be established?

5. Are there mechanisms other than on compensation limits that can serve a similar role?

6. To what extent does the inability of an exempt market dealer to access electronic settlement impact an issuer’s or underwriter’s decision to include an exempt market dealer in a selling group of a prospectus offering?

7. To what extent does the inability of an exempt market dealer to subsequently advise clients on the securities purchased affect an exempt market dealer’s decision to participate in selling groups for prospectus offerings?

8. Please comment on other steps that could be taken to increase awareness among issuers and investment dealers if a new blanket order is issued.

9. Is there any confusion as to how issuers and investment dealers may involve exempt market dealers in selling groups in prospectus offerings?

10. Are there any other factors that may affect the decision of an issuer or an investment dealer to include exempt market dealers in a selling group of a prospectus offering?

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CSA Multilateral Staff Notice 31-367 Notice and Consultation Regarding CSA Coordinated Blanket Order 31-930

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