Canadian Securities Regulators Amend Benchmark Assurance Report Rules

CSA News (Canadian Securities)

Published May 5th, 2026

Detected February 19th, 2026

Summary

Canadian securities regulators have adopted final amendments to rules governing designated benchmarks and benchmark administrators, effective May 5, 2026. These changes clarify assurance report requirements for independent public accountants, specifying the level of assurance, report type, and submission timing, and introduce a new requirement for certain designated benchmarks.

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What changed

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.

What to do next

Review amendments to Multilateral Instrument 25-102 and companion policy
Update internal policies and procedures for assurance report preparation and submission
Ensure independent public accountants are aware of and comply with new assurance requirements by May 5, 2026

Source document (simplified)

TORONTO – The securities regulatory authorities of British Columbia, Alberta, Saskatchewan, Ontario, Québec, New Brunswick, Nova Scotia, Yukon and Northwest Territories today announced the adoption of final amendments to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators and related final changes to its companion policy.

The amendments will clarify the scope and timing of the assurance report requirements by specifying the level of assurance, the type of report an independent public accountant must provide, and when it must be submitted. This will provide greater certainty to the parties preparing these reports, along with a higher level of assurance over the governance and controls required for a designated benchmark.

In addition, the amendments will create a new requirement for an assurance report that will apply to any designated benchmark that is not categorized as a commodity benchmark, a critical benchmark or an interest rate benchmark.

Subject to obtaining all necessary ministerial approvals, the amendments will come into force on May 5, 2026 and will be available on the we b sites of the above-noted CSA members.

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

For investor inquiries, please contact your local securities regulator.

Multilateral Instrument 25-102 *Designated Benchmarks and Benchmark Administrators*

Alberta, British Columbia, New Brunswick, Northwest Territories, Nova Scotia, Ontario, Québec, Saskatchewan, Yukon