Fixed Income Market Regulation Update Published By CSA

The Canadian Securities Administrators (CSA) has provided stakeholders with an update on the regulation of the fixed income market.  On September 17, 2015, the CSA published CSA Staff Notice 21-315 Next Steps in Regulation and Transparency of the Fixed Income Market to describe how the CSA wishes to enhance the regulation of the fixed income market, improve market transparency and better protect investor interests.  Our readers will recall that CSA Staff Notice 21-315 follows OSC Staff Notice 21-708 OSC Staff Report on the Canadian Fixed Income Market and Next Steps to Enhance Regulation and Transparency of Fixed Income Markets which we previously wrote about in April 2015.

The CSA notes that a number of recent or pending changes will allow for more informed decision-making among market participants.  Among these are the full implementation of CRM2 (Client Relationship Model – Phase 2) in July 2016 and enhanced SEDAR disclosure of trust indentures regarding debt