Canadian securities regulators provide update on trading fee rebate pilot study


Toronto – The Canadian Securities Administrators (CSA) today published an update on its plan to proceed with the Trading Fee Rebate Pilot Study (the Pilot Study), which would analyze the effects of the prohibition of marketplace trading fee rebate payments on market participants. Proceeding with the Pilot Study is conditional on a similar study being implemented by the Securities and Exchange Commission in the United States (SEC Fee Pilot).

The Pilot Study would apply temporary pricing restrictions on marketplace trading fee rebates payable for transactions in a sample set of securities. The sample securities would include highly liquid and medium liquidity securities.

The Pilot Study, initially considered in a 2014 CSA notice (pdf - 942 KB)This link will open in a new windowUpdated on May 20, 2014Order protection rules, is part of the CSA’s plan to identify and address issues concerning trading fee rebates.

“We have heard from our stakeholders that it is important to test how marketplace trading fee rebates affect the behaviour of market participants,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “This study will help us to better understand and address potential issues associated with these rebates.” 

The CSA would implement the Pilot Study in two stages. Stage one would involve interlisted securities in tandem with the SEC Fee Pilot, if possible. Stage two would take place three months later and would involve non-interlisted securities and exchange-traded products.

The timing and duration of the Pilot Study would coincide with the SEC Fee Pilot. A subsequent notice with the implementation orders will be published if, and when, the SEC Fee Pilot implementation date is announced.

The CSA would like to thank the United States Securities and Exchange Commission for their ongoing cooperation and support in coordinating the Pilot Study with the SEC Fee Pilot.

The design of the Pilot Study and information about its potential implementation are included in CSA Notice 23-325 Trading Fee Rebate Pilot Study, which can be found on CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For Investor inquiries, please refer to your respective securities regulator. You can contact them here.This link will open in a new window

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at [email protected].

For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge


Alberta Securities Commission

Hilary McMeekin


British Columbia Securities Commission

Brian Kladko


Financial and Consumer Affairs, Authority of Saskatchewan

Shannon McMillan


Financial and Consumer Services Commission, New Brunswick

Sara Wilson


Manitoba Securities Commission

Jason (Jay) Booth


Nova Scotia Securities Commission

David Harrison


Nunavut Securities Office

Jeff Mason


Office of the Superintendent of Securities, Newfoundland and Labrador

Renée Dyer


Office of the Superintendent of Securities, Northwest Territories

Tom Hall


Office of the Superintendent of Securities, Prince Edward Island

Janice Callbeck


Office of the Yukon, Superintendent of Securities

Rhonda Horte


Ontario Securities Commission

Kristen Rose