Canadian Securities Regulators Amend Benchmark Assurance Report Rules

Canadian securities regulators, including those in British Columbia, Alberta, Saskatchewan, Ontario, Québec, New Brunswick, Nova Scotia, Yukon, and the Northwest Territories, have finalized amendments to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators and its companion policy. The amendments aim to strengthen assurance report requirements by clarifying the scope and timing of reports provided by independent public accountants, including the level of assurance and submission deadlines. A new assurance report requirement will also be introduced for designated benchmarks not categorized as commodity, critical, or interest rate benchmarks.

These amendments are set to come into force on May 5, 2026, subject to ministerial approvals. Benchmark administrators and designated benchmark entities will need to ensure compliance with the clarified and new assurance reporting obligations. The changes are intended to provide greater certainty and a higher level of assurance over the governance and controls of designated benchmarks, thereby enhancing the integrity of Canadian capital markets.