[World Corporate Law News] CSA Finalises Amendments to MI 13-102 System Fees

Editorial Team – [2025] 176 taxmann.com 460 (Article)

World Corporate Law News provides a weekly snapshot of corporate law developments from around the globe. Here’s a glimpse of the key corporate law update this week.

1. Securities Law

1.1 CSA announces final amendments to Multilateral Instrument 13-102 System Fees

On July 10, 2025, the Canadian Securities Administrators (CSA) published final amendments to Multilateral Instrument 13-102 System Fees. The CSA is increasing system fees for SEDAR+ and the National Registration Database (NRD) over a five year period starting on November 28, 2025. These system fee increases are necessary to ensure sufficient funding for the operation of CSA’s national systems over those five years.

Under the amendments, the total dollar amount of system fees collected by the CSA will increase and no new system fees will be introduced. To maintain a fair and transparent cost recovery approach, the CSA uses a flat per-filing system fee model, where fees increase proportionally based on system usage.

The CSA published the proposed amendments on November 21, 2024, outlining changes that would better align system fee revenues with projected national systems operating costs. After carefully considering the comments received, the CSA has not made any substantive revisions to the materials that were published for comment.

However, since amendments to introduce an expedited shelf prospectus regime for well-known seasoned issuers (WKSIs) are scheduled to come into force at the same time as the MI 13-102 amendments, the WKSI-related system fees have been added to the MI 13-102 amendments. Provided all required approvals are obtained, the amendments will come into force on November 28, 2025, in all participating CSA jurisdictions.

The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonises regulation for the Canadian capital markets.

Source – Official Announcement

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