Canadian securities regulators publish details of market disruption coordination process

Toronto and Montreal – The Canadian Securities Administrators (CSA) today published Staff Notice 11-338 CSA Market Disruption Coordination Plan to inform market participants about the CSA’s coordination process to address a market disruption, including one that may stem from a large-scale cybersecurity incident. 

“Ensuring that fair, efficient and orderly markets are not compromised has guided the preparation of these procedures” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “We are reminding market participants of the CSA’s expectations and requirements, particularly given the increased frequency of data breaches and cybersecurity incidents and their potential to disrupt markets.”;

The Notice provides a description of the main features of the CSA procedures and the role regulated entities and authorities have in responding to, and coordinating in the event of, a market disruption. It also clarifies the obligations of regulated entities, including notification requirements to regulators and dissemination of information to the public. 

The CSA will continue to monitor developments in incident management practices and will take steps where appropriate to integrate incident management and cybersecurity related activities into its work and to interact with market participants and other stakeholders.

The Notice can be found on CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. 

For Investor inquiries, please refer to your respective securities regulator. You can contact them here

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at

Kristen Rose
Ontario Securities Commission

Sylvain Théberge
Autorité des marchés financiers

Brian Kladko
British Columbia Securities Commission
(604) 899-6713

Hilary McMeekin
Alberta Securities Commission

Jason (Jay) Booth
Manitoba Securities Commission

Sara Wilson
Financial and Consumer Services
Commission, New Brunswick

David Harrison
Nova Scotia Securities Commission

Steve Dowling
Government of
Prince Edward Island,
Superintendent of Securities

Renée Dyer
Office of the Superintendent
of Securities,
Newfoundland and Labrador

Rhonda Horte
Office of the Yukon Superintendent
of Securities

Jeff Mason
Nunavut Securities Office

Tom Hall
Office of the Superintendent
of Securities
Northwest Territories
(867) 767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan