Capital Market Reforms

Canada is the global centre for mine equity financing, with the TMX accounting in 2020 for more than 50% of all global mining financing transactions and 33% of the value raised. To ensure that we maintain our globally dominant status, PDAC works with securities commissions and stock exchanges on various reforms that will:

  • Expand access to wider/new pools of capital
  • Reduce the costs of capital-raising in Canada
  • Maintain investor confidence in Canadian capital markets through improved enforcement.

These goals were identified by our membership during an extensive member and stakeholder consultation undertaken by PDAC in 2013.

Responses to recent public consultations

As part of its mandate, PDAC responds to public consultation from securities regulators. Below are a few of the relevant recent ones and the PDAC response.  

July 29, 2021 - Public Consultation on Proposed British Columbia Instrument 51-519 Promotional Activity Disclosure Requirements

On May 26, 2021, the British Columbia Securities Commission (BCSC) published a Notice and Request for comments on its proposed British Columbia Instrument 51-519 Promotional Activity Disclosure and related Companion Policy 51-519 Promotional Activity Disclosure Requirements (See link to the BCSC notice).

In the notice, the BCSC stated that: “The proposed Instrument would establish a tailored framework for promotional activity disclosure in British Columbia, and is one component of a larger initiative we are pursuing to address problematic promotional activity. The Instrument would provide investors with improved transparency about the source and reliability of promotional activity, enabling them make more informed investment decisions. The disclosure would also assist the BCSC to identify and hold responsible those issuers and persons who conduct problematic promotional activity."

PDAC Recommendations


PDAC recognizes the importance of regulating promotional activities in order to maintain market integrity, and supports the efforts of the British Columbia Securities Commission (BCSC) to introduce relevant regulation. However, we have identified several areas of concern regarding the proposal, including where the proposed regulations may cause unintended consequences for mineral industry issuers, which we outline in our response to BCSC.  Read our full response  

Earlier Consultations

  • March 19, 2021 - Activist Short Selling: Response to CSA Consultation Paper 25-403, aimed at addressing the presence of activist short sellers in Canadian markets. Learn more.

  • September 7, 2020 - Various topics: Response to Ontario's Capital Markets Modernization Taskforce's Consultation. Learn more. 

  • August 7, 2019 - At the market (ATM) Financing: Response to proposed amendments to National Instrument 44-102 Shelf Distributions (NI 44-102) and to Companion Policy 44-102CP Shelf Distributions (44-102CP), aimed at enabling ATM offering in Canada. Learn more.