Canadian securities regulators propose changes to assurance report requirements for designated benchmarks

TORONTO – The securities regulatory authorities of British Columbia, Alberta, Saskatchewan, Ontario, Québec, New Brunswick, Nova Scotia, Yukon and Northwest Territories today published proposed changes to assurance report requirements for designated benchmarks to address certain technical issues encountered by accounting firms when preparing these reports.

The proposed amendments to the assurance report requirements in Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators would repeal or revise certain definitions; add a new definition of “reasonable assurance report on controls”; and modify other provisions to provide greater clarity to the parties that prepare these reports.

In addition, the proposed amendments expand the application of the assurance report requirements to the administrator of any designated benchmark. The current requirements apply only to the administrators of designated commodity benchmarks, designated critical benchmarks and designated interest rate benchmarks but not to administrators of other designated benchmarks.

Comments should be submitted in writing on or before August 28, 2024.

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