On December 8, 2022, the Canadian Securities Administrators (CSA) and the Investment Industry Regulatory Organization of Canada (IIROC) published for comments Staff Notice 23 – 329 – Short Selling in Canada.

The Staff Notice revisits the current regulatory requirements and related initiatives with respect to short selling. Questions that should be considered by stakeholders touch various topics, including:

• Tick test

• Short selling and pre-borrow requirements

• IIROC’s Extended Failed Trades requirements

• Transparency of short selling positions

• Buy-in and close-out requirements

Comments must be submitted in writing on or before March 8, 2023.