Regulatory Alerts2024-09-20
Summary of Comments to CSA/CIRO Staff Notice 23-331 on SEC Market Structure Proposals
The Canadian Securities Administrators and CIRO published a summary of 12 comment letters received regarding the potential impact of December 2022 SEC market structure proposals on Canadian capital markets. Commenters generally supported aligning Canadian variable minimum pricing increments and access fee caps for interlisted securities with U.S. rules to minimize complexity and maintain competitiveness. However, there was strong consensus against adopting U.S. best execution, order competition, and enhanced transparency rules, as stakeholders determined these changes were unnecessary given existing robust Canadian frameworks.
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