The Canadian Securities Administrators (CSA; French: Autorités canadiennes en valeurs mobilières, ACVM) is an umbrella organization of Canada's provincial and territorial securities regulators whose objective is to improve, coordinate, and harmonize regulation of the Canadian capital markets. The CSA's national systems include the National Registration Database (NRD), a web-based database that allows security dealers and investment advisors to file registration forms electronically; the System for Electronic Disclosure by Insiders (SEDI), an online, browser-based service for the filing and viewing of insider trading reports; and the System for Electronic Document Analysis and Retrieval (SEDAR), a publicly-accessible database that contains all the required non-confidential filings related to publicly traded Canadian companies. The CSA serves a regulatory function comparable to that of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in the United States.
History As an informal body, the CSA originally functioned primarily through meetings, conference calls, and day-to-day collaborations with the various territorial and provincial securities regulatory authorities. In 2003, the CSA was restructured into a more formal organization, in which the chair and vice-chair were elected by members to 2-year terms. In 2004, the CSA established a permanent secretariat, located in Montreal. Among other things, the secretariat monitors and coordinates the work of various CSA committees on policy initiatives. In 2016, the CSA adopted a passport system through which market participants can access to markets in all passport jurisdictions by dealing only with its principal regulator and complying with one set of harmonized laws. While the CSA co-ordinates initiatives on a cross-Canada basis, the 10 provinces and 3 territories in Canada are responsible for securities regulations and their enforcement. This provides a more direct and efficient service since each regulator is closer to its local investors and market participants.
Structure
The CSA established a permanent Secretariat in March 2004 in Montreal to provide the organizational stability necessary for CSA to function efficiently. The CSA Secretariat also monitors and coordinates the work of various CSA committees on policy initiatives.
Members The CSA consists of the securities regulators of the 10 provincial and 3 territorial governments of Canada. The CSA Chairs are the respective chairs of the securities regulators of the 10 provinces and 3 territories of Canada. They meet quarterly in person. A chair and vice-chair of the CSA are elected by members for two year terms.
Committees
Standing and project committees Each CSA member has its own staff who work on policy development and deliver regulatory programs through their participation in CSA Committees, which can include permanent committees and project committees. The latter are formed to work on specific policy projects, and can deal with subjects such as short- and long-form prospectuses, continuous disclosure, proportionate regulation, and investor confidence. Standing committees include: Executive Directors, Enforcement, Market Oversight, Registrant Regulation, Investment Funds and Investor Education.
Policy Coordination Committee In August 2003, the CSA established the Policy Coordination Committee, which oversees CSA's policy development initiatives, facilitates decision-making, as well as acting as a forum for resolution of policy development issues, monitors ongoing issues, and provides recommendations to the CSA chairs for their resolution. Its members are the chairs of eight regulators—Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec, and Saskatchewan. As of May 2021, the committee's chair is Grant Vingoe, the acting chair and Chief Executive Officer of the Ontario Securities Commission.
CSA disclosure systems The CSA maintains several databases that contain information on public companies' disclosure and insider reporting, the registration of dealers and advisers, and a cease trade order database (CTO).
System for Electronic Document Analysis and Retrieval (SEDAR) — the system that public companies and investment funds use to file public securities documents and information with the CSA. There is also a XBRL Filing Program within SEDAR. SEDAR is the Canadian equivalent of the U.S. Securities and Exchange Commission's EDGAR. System for Electronic Disclosure by Insiders (SEDI) — Canada's online, browser-based service for the filing and viewing of insider trading reports as required by various provincial securities rules and regulations. National Registration Database (NRD) — a web-based system that permits dealers and advisers to file registration forms electronically. The National Registration Search (NRS) contains the names of all registrants (individuals and firms) in Canada. National CTO Database — the cease trade order publicly searchable database, contains all orders issued by participating CSA members, regardless of whether their effect is temporary or indefinite, and disseminates such orders to CTO subscribers.
National Registration Database The National Registration Database (NRD) is a Canadian web-based database that allows security dealers and investment advisors to file registration forms electronically. (An individual or company in Canada who trades or underwrites securities, or provides investment advice, must register annually with one or more provincial securities regulators.) Created to replace the original paper form system, the NRD increases the efficiency of information filing and sharing between provincial security regulators. In 2001, the CSA commissioned a study that estimated the total economic benefits of such a database to the Canadian financial services industry would be $85 million over a 5-year period. The NRD was subsequently launched in 2003, initiated by the CSA and the Investment Industry Regulatory Organization of Canada (IIROC). The NRD has two websites: the NRD Information Website, which contains information for the public; and the National Registration Database, for use by authorized representatives. The National Registration Search (NRS) contains the names of all registrants (individuals and firms) in Canada.
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