meta_id 3127195

On May 5, 2026, the Canadian Securities Administrators (CSA) published Multilateral Instrument (MI) 25-102: Designated Benchmarks and Benchmark Administrators , along with Companion Policy 25-102 . The instrument establishes a comprehensive framework for designating and overseeing benchmarks (e.g., interest rates, commodity prices, indices) that are important to Canadian financial markets. It sets governance, control, disclosure and compliance requirements for designated benchmark administrators, as well as obligations for benchmark contributors and certain users. Key provisions of the instrument and its companion policy include: Governance and framework requirements: MI 25-102 establishes comprehensive requirements for designated benchmark administrators and benchmark contributors. Key regulatory elements emphasize governance frameworks requiring designated benchmark administrators to establish accountability structures, designate compliance officers and maintain oversight committees. The instrument mandates that administrators establish control frameworks addressing operational risk, business continuity and data validation procedures. Benchmark categories and tailored rules: The instrument categorizes benchmarks into designated critical benchmarks, designated interest rate benchmarks, designated regulated‑data benchmarks and designated commodity benchmarks, each subject to tailored requirements. For designated interest rate benchmarks, administrators must implement enhanced governance with independent oversight committee members, follow a strict priority for input data (transaction data, then executable quotes, then indicative quotes, then expert judgment) and mandatory assurance reporting. Designated commodity benchmarks are subject to specific methodology and transparency requirements, including publication of determination details and transaction data analysis. Contributor obligations and recordkeeping: Benchmark contributors must comply with codes of conduct established by administrators, maintain detailed records (including audio recordings of phone conversations) for seven years and implement policies addressing conflicts of interest and input data integrity. The instrument requires administrators to publish methodologies, benchmark statements and procedures for significant methodology changes, with consultation periods for market participants. Benchmark users (registrants, reporting issuers, exchanges) must maintain written plans for significant changes or cessation of a benchmark, including identifying suitable substitutes. Reporting and exemption authority: Administrators must deliver annual financial statements, organizational information and reasonable assurance reports on controls to the securities regulatory authority. Record-keeping requirements span seven years and must enable audit and evaluation of determinations. The securities regulatory authority retains discretionary exemption authority under Part 9 of the instrument. The instrument is effective May 5, 2026 , with certain provisions not in force in Quebec.