Who are the Canadian Securities Administrators?

Unlike the United States, Canada does not have a national regulator for securities. Instead securities regulators from each province and territory have teamed up to form the Canadian Securities Administrators, or CSA for short. The CSA is primarily responsible for developing a harmonized approach to securities regulation across the country.

The CSA brings provincial and territorial securities regulators together to share ideas and work at designing policies and regulations that are consistent across the country and ensure the smooth operation of Canada's securities industry. By collaborating on rules, regulations and other programs, the CSA helps avoid duplication of work and streamlines the regulatory process for companies seeking to raise investment capital and others working in the investment industry.

In recent years, the CSA has developed a system of "mutual reliance" that designates one securities regulator as the lead agency when it comes to reviewing applications or disclosure documents from companies that report to more than one jurisdiction. The purpose of this system is to increase market efficiency by streamlining the process and reducing the number of regulatory agencies a given company must deal with.

Currently, the CSA is working on a national electronic system for filing insider-trading reports and a national database of market participants registered to sell securities in Canada.

But the CSA's impact on most Canadians comes through its efforts to help educate Canadians about the securities industry, the stock markets and how to protect investors from investment scams.

The CSA provides a wide variety of educational materials on securities and investing. It has produced brochures and booklets explaining various topics such as how to choose a financial adviser, mutual funds, and investing via the internet. All CSA materials are available through your local securities regulator.

The CSA also maintains an electronic database called SEDAR on the web. Available at www.sedar.com, SEDAR is a central database containing public records of all companies publicly traded on the Canadian markets. Anyone with an internet connection can go to SEDAR and view a company's recent news releases or financial statements.

Your Regional Securities Regulator Is There For You

While the CSA co-ordinates initiatives on a cross-Canada basis, provincial or territorial regulators handle all complaints regarding securities violations in their respective jurisdictions. This provides a more direct and efficient service since each regulator is closer to its local investors and market participants. Enforcement of securities regulations is also done on an individual basis by each province or territory.

For more information or if you wish to make a complaint, contact your local securities regulator at (204) 945-2548.