The Saskatchewan Regulations 110/2023, enacted under The Securities Act, 1988, titled The Securities Commission (Adoption of National Instruments) (NI 14-101 and Consequential Amendments to Instruments) Amendment Regulations, 2023. The primary aim of these regulations is to update definitions and references to ensure consistency and clarity within the regulatory framework for securities in Saskatchewan. This includes modifications to the definitions of “Canadian financial institution” and “Handbook,” along with various updates related to investment funds, registration requirements, and prospectus exemptions.

One change is the revision of the definition of “Canadian financial institution,” which now specifies various types of entities such as banks, insurance companies, credit unions, and others defined under specific Canadian Acts. This broadens the scope of recognized financial institutions, ensuring that regulatory requirements apply appropriately across the financial sector. Additionally, the term “Handbook” has been revised to refer specifically to the Chartered Professional Accountants of Canada Handbook for Accounting and Assurance, standardizing references within regulatory documents to ensure consistency in accounting and assurance practices.

Amendments to National Instrument 81-102, particularly in the audit report sections, replace references to the “CICA Handbook – Assurance” with the updated term “Handbook,” reflecting a transition to a unified standard for accounting practices. Furthermore, updates to National Instrument 62-103 introduce a new definition of “financial institution” that explicitly includes foreign banks listed in Schedule III of the Bank Act (Canada), acknowledging the growing importance of international banks in the Canadian financial landscape.

Changes to National Instrument 33-109 clarify requirements related to the calculation of excess working capital, standardizing references to the “Handbook” instead of the “CPA Canada Handbook.” In National Instrument 45-106, outdated definitions have been repealed, and reporting requirements refined to streamline the process for securities transactions and compliance. Similarly, National Instrument 31-103 repeals the definition of “Canadian financial institution” and updates related forms, aligning with other amendments throughout the regulations. The regulation also amends National Instrument 94-102 by removing the definition of “Canadian financial institution,” further simplifying the regulatory language.

By revising key definitions and standardizing references to regulatory handbooks, the Saskatchewan Securities Commission seeks to improve the clarity, consistency, and compliance within the financial sector.

Saskatchewan (110/2023) December 1, 2023