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ARTICLE · 29 NOVEMBER 2023

Regulators Hit Pause On Substantial Reforms To The Short Selling Regime

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Canadian securities regulators continue to grapple with the appropriate regulation of short selling and establishing a regime which provides investor protection, while promoting legitimate shorting.

CanadaCorporate/Commercial Law
Laura Levine
Laura Levine
Ben Keen
Ben Keen
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Canadian securities regulators continue to grapple with the appropriate regulation of short selling and establishing a regime which provides investor protection, while promoting legitimate shorting.

What you need to know

  • On November 16, 2023, the Canadian Securities Administrators (the CSA) and the Canadian Investment Regulatory Organization (CIRO) published CSA/CIRO Staff Notice 23-332 Summary of Comments and Responses to CSA/IIROC Staff Notice 23-329 Short Selling in Canada (Staff Notice 23-329).
  • In their summary, the CSA and CIRO noted there was no clear consensus from commenters on the appropriate regulatory regime for short selling.
  • CIRO is actively reviewing the existing requirement to have a reasonable expectation to settle on the settlement date in an effort to strengthen and clarify the rule.

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