Canadian Securities Regulators Amend Benchmark Assurance Report Requirements

AMF Quebec News

Published May 5th, 2026

Detected March 12th, 2026

Summary

Canadian securities regulators have adopted amendments to Multilateral Instrument 25-102 concerning designated benchmarks and benchmark administrators. 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. The amendments are set to come into force on May 5, 2026.

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What changed

The Canadian Securities Administrators (CSA) have finalized amendments to Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators and its companion policy. These amendments aim to strengthen assurance report requirements for designated benchmarks by clarifying the scope, timing, level of assurance, and type of report an independent public accountant must provide. A new assurance report requirement will also be introduced for designated benchmarks not categorized as commodity, critical, or interest rate benchmarks.

These changes will provide greater certainty to parties preparing assurance reports and enhance the assurance over the governance and controls for designated benchmarks. The amendments are scheduled to come into force on May 5, 2026, subject to ministerial approvals. Regulated entities involved with designated benchmarks should review the updated requirements to ensure compliance with the new specifications for assurance reports.

What to do next

Review amendments to Multilateral Instrument 25-102 and companion policy regarding designated benchmarks.
Ensure independent public accountants are prepared to meet clarified assurance report requirements, including level of assurance, report type, and submission timing.
Assess applicability of new assurance report requirements for designated benchmarks not categorized as commodity, critical, or interest rate benchmarks.

Source document (simplified)

Published: February 19, 2026 CSA 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.

For media inquiries, please contact:

Ilana Kelemen
Canadian Securities Administrators
[email protected]

Debra Chan
Ontario Securities Commission
[email protected]

For investor inquiries, please contact your local securities regulator

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