The Canadian Securities Administrators (CSA) and the Canadian Investment Regulatory Organization (CIRO) announced on June 22, 2026, that they will delay the implementation of final amendments to access fee and tick-size rules for U.S. inter-listed securities. Originally scheduled to take effect on November 2, 2026, the new effective date is now November 1, 2027, aligning with corresponding rules from the U.S. Securities and Exchange Commission (SEC).
Reason for the Delay
The final amendments were designed to harmonize trading increments and fee caps on securities listed on both a Canadian recognized exchange and a U.S. registered national securities exchange. The CSA and CIRO cited the need to synchronize with SEC rule changes as the primary reason for the one-year pause. The SEC has proposed rescinding Rules 611 (order protection rule) and 610(e) of Regulation National Market System, which prompted the Canadian regulators to reconsider their approach.
Implementation Details
The pause in the CSA final amendments will be enacted by each jurisdiction individually. For example, Alberta and Ontario will implement the delay through blanket orders. CIRO will similarly pause its adoption of final amendments to the Universal Market Integrity Rules related to trading increments for U.S. inter-listed securities.
Next Steps
The CSA, in consultation with CIRO, will consider any necessary actions resulting from the SEC's proposal. Any changes will follow normal CSA processes and be published for public comment. The CSA coordinates regulation for Canadian capital markets, while CIRO oversees investment dealers, mutual fund dealers, and trading activity on debt and equity marketplaces.
