The Canadian Securities Administrators published the findings of its first Collaboratory project, concluding 18 months of research and engagement on allowing investors to transfer personal and financial data between investment firms and financial technology firms. The work focused on Know Your Client data and found that portability could make it easier for investors to switch providers or open accounts with multiple firms, although participants did not agree on a preferred data sharing model. Market participants indicated that legislation, regulation or guidance could encourage greater portability, while some sought clarification on how Know Your Client obligations apply when third parties collect or transfer information. The CSA will not pursue a live test for now because participants want details of the federal consumer driven banking framework, which will be overseen by the Bank of Canada and is expected to establish data sharing standards relevant to investment firms and their clients. Participating regulators will monitor that framework and related industry standards.
2026-09-08Canadian Securities Administrators
Canadian Securities Administrators publishes data portability findings, defers live test pending federal banking framework
The Canadian Securities Administrators found that investor directed portability of Know Your Client and other financial data could reduce barriers to switching providers, but participants did not agree on a preferred model. It has deferred a live test pending details of the federal consumer driven banking framework and will monitor its development, including standards relevant to investment firms.