Canadian Securities Regulators Strengthen Benchmark Assurance Report Requirements

Ontario Securities Commission News

Published May 5th, 2026

Detected March 6th, 2026

Summary

Canadian securities regulators have adopted final amendments to Multilateral Instrument 25-102, strengthening assurance report requirements for designated benchmarks. These changes clarify the scope, timing, and level of assurance for reports submitted by independent public accountants, aiming to enhance governance and controls over benchmarks. The amendments are set to come into force on May 5, 2026.

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What changed

Canadian securities regulators, including the OSC, have finalized amendments to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators and its companion policy. These amendments specifically clarify the requirements for assurance reports on designated benchmarks, detailing the required level of assurance, the type of report an independent public accountant must provide, and the submission timeline. A new requirement for an assurance report will also apply to designated benchmarks not categorized as commodity, critical, or interest rate benchmarks.

These changes are intended to provide greater certainty to parties preparing these reports and ensure a higher level of assurance over the governance and controls of designated benchmarks. Subject to ministerial approvals, the amendments will take effect on May 5, 2026. Regulated entities involved with designated benchmarks should review the updated requirements to ensure compliance with the new assurance report specifications and submission deadlines.

What to do next

Review amendments to Multilateral Instrument 25-102 and companion policy
Ensure independent public accountants are prepared to provide assurance reports meeting the specified level and type of assurance
Update internal processes to meet the clarified submission timelines for assurance reports

Source document (simplified)

Canadian securities regulators announce amendments to strengthen assurance report requirements for designated benchmarks

CSA

February 19, 2026

For Immediate Release

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 websites 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.