CSA and CIRO guidance on marketing and sale of foreign-listed ETFs

CSA

July 29, 2026

For Immediate Release

Toronto
– The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) have issued Staff Notice 81-339 , which sets out guidance on industry practices relating to the marketing and sale of exchange-traded funds (ETFs) that are listed on a foreign exchange but not also on a Canadian exchange. The guidance responds to stakeholder feedback received by the CSA regarding the availability of foreign ETFs to Canadian investors through Canadian registered dealers. While there is broad support for continued investor access to foreign ETFs, some stakeholders have noted concerns about the availability of foreign ETFs to Canadian investors and highlighted a need for enhanced disclosure to assist investors. The guidance is intended to respond to the concerns raised and:
reminds market participants that active marketing or promotion of a foreign ETF in Canada could trigger the prospectus requirement and, in certain jurisdictions, the investment fund manager registration requirement; clarifies how know-your-product, know-your-client, and suitability determination obligations apply to the sale of foreign ETFs; and encourages order execution-only dealers to consider providing improved disclosure to investors seeking to purchase foreign ETFs, before they make a purchase. “The guidance encourages practices that support investors in making more informed decisions when choosing between Canadian and foreign ETFs,” said Stan Magidson, CSA Chair and Chair and CEO of the Alberta Securities Commission. “It also provides information about the existing requirements that apply when marketing or selling foreign ETFs in Canada.” “As the ETF market continues to grow, this guidance will help ensure that Canadian investors who choose to purchase foreign ETFs have a clear understanding of the products they are investing in,” said Andrew J. Kriegler, President and CEO of CIRO. The CSA and CIRO will continue to monitor developments in this area to assess whether further policy initiatives are needed. The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets. CIRO is the pan-Canadian self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. Notes to editors Staff Notice 81-339 follows the June 2025 publication of CSA Consultation Paper 81-409 . The consultation paper proposed certain enhancements to the ETF regulatory framework, taking into consideration a study of the Canadian ETF market conducted by the Ontario Securities Commission and the Good Practices Relating to the Implementation of the IOSCO Principles for Exchange Traded Funds published by the International Organization of Securities Commissions.

For media inquiries, please contact:

Ilana Kelemen
Canadian Securities Administrators media@acvm-csa.ca

Julia K. Mackenzie
Ontario Securities Commission media_inquiries@osc.ca

Ariel Visconti
Canadian Investment Regulatory Organization avisconti@ciro.ca

For investor inquiries:

For investor inquiries, please contact your local securities regulator .