Share on LinkedInShare on LinkedIn

ARTICLE · 03 MAY 2024

Market Intelligence Thought Leadership Award Winner

CSA Releases Updated Guidance On ESG-Related Investment Fund Disclosure

McCarthy Tétrault
McCarthy Tétrault
Contributor
McCarthy Tétrault

McCarthy Tétrault

Built on a unique model of collaboration, innovation and efficiency, McCarthy Tétrault delivers...

View firm profile
Explore more from McCarthy Tétrault

Recently, the Canadian Securities Administrators (CSA) published Staff Notice 81-334 (Revised) - ESG-Related investment Fund Disclosure (the Notice).

CanadaStrategy
Canadian Securities Regulatory Monitor
Canadian Securities Regulatory Monitor
Cristian Blidariu
Cristian Blidariu
Julie-Martine Loranger
Julie-Martine Loranger
Sean Sadler
Sean Sadler
Sonia Struthers
Sonia Struthers
Author LinkedIn connections

Recently, the Canadian Securities Administrators (CSA) published Staff Notice 81-334 (Revised) - ESG-Related investment Fund Disclosure (the Notice). The Notice updates and replaces the CSA Staff Notice 81-334 originally issued in January 2022 (the 2022 Notice) which we discussed in a previous article.

The Notice expands the guidance published in the 2022 Notice relating to environmental, social and governance (ESG) for investment funds offered by prospectus in Canada.

ESG-Related Classification of Funds

The Notice applies to the following four categories of investment funds offered by prospectus in Canada which are based on whether a fund considers ESG factors as part of its investment process and the extent to which such factors are considered:

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

See more popular content from

Article

Key Takeaways From All In 2026: AI Sovereignty, Infrastructure And Canada’s Growing Role

Canada and Germany are making unprecedented investments in AI infrastructure and safety research, while major players like Cohere, OpenAI, and Bell position themselves in a rapidly evolving landscape of technology sovereignty. How will these strategic moves reshape the global AI race and what do they mean for businesses navigating data residency, vendor relationships, and emerging regulatory frameworks?
CanadaStrategy
Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP
Article

AI For All: Health, Data, Innovation, And Capital

Canada's National Artificial Intelligence Strategy targets healthcare as a priority sector for AI investment, proposing $500 million in growth capital and dedicated resources to keep talent and innovation within Canadian borders. The federal government outlines specific healthcare missions, data infrastructure investments, and venture capital initiatives designed to transform Canada from an AI research leader into a commercialization powerhouse.
CanadaStrategy
Torys
Torys
Article

Consultation du Canada sur la transparence en matière d’IA : ce que les entreprises doivent savoir avant le 23 septembre

Canadian organizations developing, acquiring, deploying or using AI have until September 23, 2026 to contribute to shaping the federal government's approach to AI transparency through a public consultation. Innovation, Science and Economic Development Canada is seeking input on five key areas that could lead to new disclosure obligations, incident reporting requirements, and AI agent tracking mechanisms.
CanadaStrategy
Miller Thomson
Miller Thomson
Article

Canada Investment Summit 2026: Turning Investment Commitments Into Economic Growth

The Canada Investment Summit generated nearly $500 billion in investment commitments, but the critical challenge now lies in converting this momentum into active development. This analysis examines the legal, commercial and strategic conditions required to move investment commitments toward execution, exploring how economic sovereignty, project readiness and sector-specific opportunities will shape Canada's path from capital allocation to operational delivery.
CanadaStrategy
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

Canada’s New AI For All Strategy: A Business Outlook On AI Governance, Adoption, And Data Sovereignty

Canada's AI for All strategy abandons the proposed Artificial Intelligence and Data Act in favor of a distributed governance model combining targeted legal reform, public investment, and existing frameworks. This shift creates immediate compliance implications for Canadian businesses operating across privacy law, human rights legislation, and sector-specific regulation, while positioning the country between the EU's prescriptive approach and the U.S.'s deregulatory stance.
CanadaStrategy
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

Gloves Off: Canada Answers U.S. Section 338 Tariffs Dollar-for-Dollar As Washington Escalates With Import Bans

Canada and the United States have entered a new phase of trade conflict, with Canada implementing retaliatory surtaxes on C$27.6 billion of U.S. goods while the United States escalates beyond tariffs to outright import prohibitions on Canadian alcohol, dairy products, and motorcycles. The dispute now extends into government procurement policy, raising questions about compliance strategies and supply chain restructuring as both nations tighten customs enforcement.
CanadaInternational Law
McCarthy Tétrault
McCarthy Tétrault
Article

Federal Government Removes Certain Energy Projects From The Impact Assessment Act Project List

The Canadian government has removed seven types of energy projects from federal impact assessment requirements, shifting review responsibilities to the Canada Energy Regulator and provincial processes. This regulatory change affects pipelines, electrical transmission lines, oil sands facilities, and power plants, fundamentally altering how major energy infrastructure projects will be evaluated and approved across Canada.
CanadaEnvironment
McCarthy Tétrault
McCarthy Tétrault
Article

Canada Commits To Airport Privatization Through Long-Term Concessions For Its Four Largest Airports

The Canadian federal government has announced a firm commitment to privatize operations at the country's four largest airports through long-term concessions, marking a decisive shift from earlier exploratory discussions. Prime Minister Mark Carney revealed that while the government will retain ownership of airport lands and assets following the Australian leased-airport model, private investment will be sought to operate Toronto Pearson, Vancouver, Montreal-Trudeau, and Calgary international airports.
CanadaTransport
McCarthy Tétrault
McCarthy Tétrault
Article

FITAA Is Now In Force: What Organizations Need To Know About Canada's New Foreign Influence Registry

Canada's Foreign Influence Transparency and Accountability Act (FITAA) establishes a comprehensive registration regime for arrangements with foreign principals involving influence activities related to Canadian political or governmental processes. Organizations across sectors—including businesses, NGOs, universities, and industry associations—must assess whether their existing or proposed arrangements trigger registration obligations, with significant administrative and criminal penalties for no
CanadaInternational Law
McCarthy Tétrault
McCarthy Tétrault
Article

Changing Lanes: Canada Proposes To Replace Its ZEV Sales Mandate With Technology-neutral Emission Standards

Canada is proposing to eliminate its federal zero-emission vehicle sales mandate and replace it with technology-neutral greenhouse gas emission standards. The shift comes amid declining EV sales, affordability concerns, and trade uncertainty with the United States, raising questions about how the automotive industry will balance climate goals with market realities. What will this regulatory transformation mean for manufacturers, consumers, and Canada's electrification timeline?
CanadaEnvironment
McCarthy Tétrault
McCarthy Tétrault