Each year, the CSA provides a Year in Review report as an update on progress made under the current Business Plan, as well as additional priorities or initiatives undertaken in response to emerging issues and changing market conditions. This year’s report covers the period between July 1, 2024, and June 30, 2025 and highlights progress toward fulfilling the CSA’s mandate and achieving the strategic goals outlined in our 2022-2025 Business Plan.
Over the last year, CSA members worked together to deliver on the final year of our 2022-2025 Business Plan. We did this work within the context of advancements in technology, and shifting geopolitical dynamics. These factors, and more, encouraged us to consider how we can best support our capital markets and enable Canadian enterprises to compete globally.
This Year in Review summarizes the progress made within each of the six strategic goals, in addition to initiatives developed to address changes in our environment, demonstrating our commitment to intelligent and responsive regulation.
Strategic goal 1: Strengthen the capital markets regulatory system
In late November 2024, we announced our intention to explore a streamlined approach to routine registration applications by delegating authority to the Canadian Investment Regulatory Organization (CIRO). We moved quickly to deliver on this initiative, and in April 2025 several CSA jurisdictions completed the delegation, marking a significant milestone for Canada’s capital markets. The result is a streamlined, centralized registration process for routine applications that reduces administrative burden, increases harmonization and facilitates participation in the Canadian capital markets.
Strategic goal 2: Optimize investors’ ability to contribute to policymaking and expand investor education outreach
In March 2025, we launched the national “Spot the Red Flags of Fraud” campaign to help Canadians recognize the red flags of online investment fraud. Over a 60-day period, the campaign garnered over 6 million views. The video featured as part of the campaign illustrates the transformation of a seemingly trustworthy online persona into a deceptive scammer. Through a striking visual “glitch” effect, the video reveals the dual nature of online interactions and underscores how appearances can be misleading. The video script integrates real language used by fraudsters and highlights key warning signs.
Strategic goal 3: Improve investor protection by enhancing investors’ ability to obtain redress and strengthening the advisor-client relationship
In June 2025, in line with our continued efforts to increase transparency, we proposed amendments to prohibit the use of chargebacks in the distribution of certain reporting issuer investment fund securities. Chargebacks is a compensation practice where dealing representatives must repay upfront commissions if clients redeem their investments early, creating a potential misalignment between advisor and client interests. This practice may incentivize advisors to prioritize their own financial interest over that of their clients, undermining investor trust in the advisor-client model. Our proposal addresses this issue directly, aiming to enhance investor protection and preserve confidence in the advisory relationship.
Strategic goal 4: Address emerging market issues and trends
In February 2025, the CSA launched the Collaboratory—an initiative designed to foster innovation and responsible experimentation in Canada’s capital markets. This forward-looking mechanism enables regulators and innovators to collaborate, test new ideas, and gather insights on the impact of emerging technologies and possible regulatory changes. The Collaboratory is more than a sandbox; it is a strategic space where shared expertise is intended to drive meaningful progress. Market participants are encouraged to bring forward proposals for testing, helping shape the future of financial innovation in Canada.
Strategic goal 5: Deliver smart and responsive regulation protecting investors while reducing regulatory burden
In April and May 2025, we introduced a suite of timely and necessary measures designed to make it easier and more cost-effective for businesses to raise capital and grow in Canada. Amid global geopolitical uncertainty, the CSA acted to ensure that Canada’s capital markets remain competitive, resilient and attractive to both issuers and investors.
Strategic goal 6: Promoting integrity and financial stability through effective market oversight
In September 2024, Canada reached a pivotal milestone with the implementation of National Instrument 93-101 Derivatives: Business Conduct. This marked a critical point in harmonizing the country’s regulatory framework governing business conduct in over-the-counter (OTC) derivatives markets. Developed through extensive consultation, the rule was carefully calibrated to reflect the scale and complexity of the Canadian market while aligning with evolving international standards. The initiative was born out of lessons learned from the global financial crisis, which exposed critical gaps in the oversight of OTC derivatives. By introducing this rule, the CSA closed a long-standing regulatory gap: enhancing transparency, accountability and investor protection in a globally interconnected market.
