Date opened: December 8, 2022
Date closed: March 8, 2023
The Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC and, together with the CSA, we) are publishing Joint Canadian Securities Administrators and Investment Industry Regulatory Organization of Canada Staff Notice 23-329 Short Selling in Canada (Notice) to provide an overview of the existing regulatory landscape surrounding short selling, give an update on current related initiatives and request public feedback on areas for regulatory consideration.
We believe that it is important and timely to review our regulatory framework to ensure it is current and appropriate given the way markets continue to evolve. This Notice reflects our commitment to do so, especially in light of public feedback we received with respect to short selling and international developments, described later in the Notice.
The CSA are also publishing today a summary of comments and responses to the CSA Consultation Paper 25-403 Activist Short Selling (Activist Short Selling Consultation Paper).1 The Activist Short Selling Consultation Paper was published on December 3, 2020. Its purpose was to facilitate the discussion of concerns relating to activist short selling and its potential impact on capital markets. Some of the comments received in response to the Activist Short Selling Consultation Paper addressed topics broader than activist short selling activities and related to short selling and short selling regulation in general. Similar issues have also been raised by other stakeholders. These comments are summarized in the summary and responses to the Activist Short Selling Consultation Paper and published today in CSA Staff Notice 25-306 Activist Short Selling Update (Staff Notice 25-306). We discuss the broader comments related to short selling in this Notice.
Welcome to CIRO.ca!
We have a new look! You can find the Canadian Investment Regulatory Organization (CIRO) at CIRO.ca with our fresh look and feel.
You can now find new publications published by CIRO since January 1, 2023 on CIRO.ca. If you are looking for past notices or bulletins published by MFDA or IIROC, you can find those on our legacy websites. Enforcement related content will continue on those websites as well.
You can now find previous Annual Reports and Enforcement Reports on CIRO.ca, along with Halts and Resumption, and our ePublications sign up (for all previous MFDA and IIROC subscriber lists).
We will continue moving items off MFDA and IIROC in 2023/2024. Stay tuned for future updates.