The Canadian Securities Administrators and the Canadian Investment Regulatory Organization announced a one-year delay to final market structure changes for U.S. inter-listed securities. Amendments to National Instrument 23-101 and its companion policy on trading fee caps, along with CIRO amendments to the Universal Market Integrity Rules on trading increments, were due to take effect on November 2, 2026 and will now take effect on November 1, 2027. The measures were designed to align Canadian trading fee caps and tick-size rules for securities listed on both a Canadian recognized exchange and a U.S. registered national securities exchange with corresponding U.S. Securities and Exchange Commission rules. The delay matches the SEC's revised timeline. The CSA said the pause will be implemented by each jurisdiction, including through blanket orders in Alberta and Ontario. In parallel, the CSA, in consultation with CIRO, will consider whether further action is needed in light of the SEC's proposal to rescind Rule 611, the order protection rule, and Rule 610(e) of Regulation National Market System. Any such changes would follow normal CSA processes and be published for comment.
Canadian Securities Administrators2026-06-22
Canadian Securities Administrators and Canadian Investment Regulatory Organization delay U.S. inter-listed securities fee cap and tick-size changes to November 1 2027
The Canadian Securities Administrators and CIRO have postponed by one year final fee cap and tick-size changes for U.S. inter-listed securities. Rules that were set to start on November 2, 2026 will now take effect on November 1, 2027 to align with the SEC's revised timetable. The CSA is also considering whether further changes are needed in response to the SEC's proposal to rescind parts of Regulation NMS.