New CSA plan aims to streamline disclosure rules and coordinate national oversight on market risks
Online investment fraud, crypto oversight, and emerging technologies will take centre stage as Canadian regulators roll out a new three-year agenda.
The Canadian Securities Administrators (CSA) has released its 2025–2028 Business Plan, identifying top priorities that include tackling systemic risks, supporting regulatory clarity, and improving investor confidence.
According to CSA Chair Stan Magidson, the Plan “sets out ambitious initiatives to support our markets, businesses, and investors.”
Magidson, also chair and CEO of the Alberta Securities Commission, stated it “reflects the challenges of today's global economy, changing investor expectations and rapid technological change.”
He added that Canadian regulators must “be proactive, thoughtful and adaptable stewards” of the country’s capital markets.
The Business Plan focuses on four key areas—capital markets, investors, innovation and technology, and systemic risk—with measures tailored to current market conditions. It builds on two overarching goals: enhancing competitiveness and advancing investor protection.
Investor protection ranks prominently in the Plan.
The CSA intends to intensify its crackdown on online investment fraud and misleading promotions.
It aims to expand its use of surveillance tools and collaborate with the Canadian Investment Regulatory Organization (CIRO) and federal law enforcement.
The Plan also proposes granting binding authority to the Ombudsman for Banking Services and Investments (OBSI) and reviewing protections for older and vulnerable investors.
The capital markets strategy outlines efforts to streamline disclosure, reduce regulatory burden, and maintain global competitiveness.
Planned initiatives include eliminating the third-year financial statement requirement for non-venture issuers, modernising mineral disclosure standards, reviewing resale restrictions on private placements, and improving access to real-time market data.
Proposals also address rules for value-referenced crypto assets and crypto asset investment funds.
On innovation and technology, the CSA commits to updating its regulatory approach to artificial intelligence, fintech, and digital-first business models. It will operationalise a cohort-based testing framework, strengthen internal data systems, and expand enforcement tech.
The Plan highlights the need to keep pace with digital engagement trends, including do-it-yourself investing, gamification, and use of financial influencers.
Systemic risk oversight includes regular risk surveys and data analytics, along with continued development of frameworks for OTC derivatives, ETFs, and liquidity risk.
The CSA will work closely with provincial and federal agencies to coordinate analysis and data sharing through the heads of Agencies Systemic Risk Surveillance Committee.
Beyond the four core areas, the Plan responds to competitive pressures from abroad. It notes that recent US policy changes—tariffs, deregulation, and tax incentives—have increased uncertainty and challenged Canada’s market position.
The CSA’s response stresses the importance of regulatory harmonisation across provinces, asserting that fragmented rules create costs and complexity for market participants.
As part of ongoing leadership, the Plan coincides with the reappointments of Stan Magidson as CSA chair, David Cheop—chair and CEO of the Manitoba Securities Commission—as vice-chair, and Grant Vingoe—CEO of the Ontario Securities Commission—as chair of the Policy Coordination Committee.
The CSA emphasised its intention to remain agile in addressing new challenges stemming from shifting business models, global market trends, and economic disruptions
