Rule detail : 234401

CSA National Systems Fee Increase

Updated on: Jul 14, 2025

Latest Event

Jul. 2025 CSA Final Amendments
On Jul. 10, 2025, CSA published final form amendments to Multilateral instrument 13-102 system fees (MI 13-102) to ensure sufficient funding to operate national systems.
Concurrently, CSA NBW, CSA NVS, CSA OSC (notice), CSA ALB, CSA BC and CSA Que reported on CSA publishing final form amendments related to national system fees.
Increases fees for SEDAR+ and NRD over a 5-year period starting on Nov. 28, 2025.
To maintain a fair and transparent cost recovery approach, the CSA uses a flat per-filing system fee model, where fees increase proportionally based on system use.
In order to meet current national systems funding needs, will implement a 60% system fee increase in Nov. 2025 and 3% increases in each of the following 4 years.
The amendments to MI 13-102 become effective on Nov. 28, 2025.

On Nov. 21, CSA proposed amendments to SEDAR+ and NRD fees.

CSA proposed an amendments to Multilateral instrument 13-102 system fees (MI 13-102) to better align system fee revenues with projected systems operating costs.
CSA ALB, CSA MSC, CSA NBW, CSA NVS, CSA OSC (notice) (bulletin), CSA Que, CSA SSK issued release on consultation, CSA Que issued proposed amendment, notice.
Proposed Amendment
The proposed amendments would increase the system fees for the SEDAR+ and the National registration database (NRD) over a five-year period starting in late 2025.
Fee increases necessary to ensure sufficient funding to operate CSA’s national systems
Under proposal, total system fees collected by the CSA would increase, however no new system fees would be introduced, and the flat-fee structure would be retained.
Fees, which continue to be based on cost-recovery, reflect reduced revenue and cost increases experienced by CSA in development and operations of the national systems.
In recent years, all industries have seen significant increases in IT labour costs of between 35% and 45%, along with cost increases for cybersecurity risk mitigation.
The proposed system fee increase of 60% in Nov. 2025 would be less than $2,500 for 95% of filing and registrant organizations, less than $1,000 for 85% of organizations.
Additional 3% increase in each of following four years to meet systems funding needs.
Since system fees based on type, number of filings submitted, number of individual registrants, proportional fee increases would equitably impact all market segments.
Consultation
CSA provided 90-day comment period, to be submitted on or before Feb. 19, 2025.
Dec. 2024 CSA BC Multilateral Instrument
On Dec. 16, 2024, CSA BC issued Rule BCN2024/04, on amendments to Multilateral Instrument 13-102, published separately after awaiting the government approvals.
Proposal will be subject to a 63-day comment period and are due by Feb. 19, 2025.
CSA BC will consider comments received by other CSA members prior to Dec. 16, 2024
Jul. 2025 CSA Final Amendments
On Jul. 10, 2025, CSA published final form amendments to Multilateral instrument 13-102 system fees (MI 13-102) to ensure sufficient funding to operate national systems.
Concurrently, CSA NBW, CSA NVS, CSA OSC (notice), CSA ALB, CSA BC and CSA Que reported on CSA publishing final form amendments related to national system fees.
Increases fees for SEDAR+ and NRD over a 5-year period starting on Nov. 28, 2025.
To maintain a fair and transparent cost recovery approach, the CSA uses a flat per-filing system fee model, where fees increase proportionally based on system use.
In order to meet current national systems funding needs, will implement a 60% system fee increase in Nov. 2025 and 3% increases in each of the following 4 years.
The amendments to MI 13-102 become effective on Nov. 28, 2025.

Regulators

CSA; CSA ALB; CSA BC; CSA MSC; CSA NBW; CSA NVS; CSA OSC; CSA Que; CSA SSK

Entity Types

B/D; Corp; Exch; IA; Inv Co

Reference

CSA BC: PR 2025/048, 7/10/2025; RF BCN2024/04, 12/16/2024; CSA: PR, RF, 7/10/2025; PR, Nt, RF, 11/21/2024; CSA ALB: PR, 7/10/2025; PR, 11/21/2024; CSA MSC: Nt, 11/21/2024; CSA NBW: PR, 7/10/2025; PR, 11/21/2024; CSA NVS: PR, 7/10/2025; PR, 11/21/2024; CSA OSC: PR, Nt, 7/10/2025; Bul Vol. 47 No. 47 p. 8918, PR, Nt, 11/21/2024; CSA Que: PR, 7/10/2025; PR, Nt, RF, 11/21/2024; CSA SSK: PR, 11/21/2024; Citation: MI 13-102;

Functions

Compliance; Financial; Legal; Operations; Product Administration; Registration/Licensing; Reporting; Trade Reporting

Countries

Canada