Saskatchewan Regulation 35/2026 amends the securities regulatory framework under The Securities Act, 1988 and Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrators, strengthening assurance and reporting standards for benchmark governance. The amendments revise Part LXV of the Appendix and update multiple compliance and audit provisions applicable to designated benchmark administrators and benchmark contributors.

Key changes replace outdated assurance terminology, including removal of references to CSAE 3000, CSAE 3001, CSAE 3530, CSAE 3531, ISAE 3000, and prior ‘limited assurance report on compliance’ and ‘reasonable assurance report on compliance’ categories. They introduce a new ‘reasonable assurance report on controls,’ requiring a public accountant to evaluate whether policies, procedures, and controls are appropriately designed and operating effectively over the applicable period, in accordance with either the Canadian Handbook or International Standards on Assurance Engagements set by the International Auditing and Assurance Standards Board, as amended from time to time.

Additional amendments expand audit obligations for designated benchmark administrators, requiring periodic reasonable assurance reports on controls for each designated benchmark they administer, excluding certain critical, interest rate, or commodity benchmarks where separate regimes apply. Reports must address compliance with specified sections of the Instrument and confirm whether administrators follow benchmark methodologies. They must be prepared for defined reporting periods, including initial shorter transitional periods after designation and subsequent annual or multi-year cycles depending on the benchmark category. Public accountants must deliver reports within 90 days of the end of the applicable period, and administrators must publish and file reports within 100 days with regulators.

The amendments improve the oversight mechanisms for benchmark contributors, allowing oversight committees to request reasonable assurance reports on controls where concerns arise, particularly in relation to compliance with conduct requirements and benchmark methodologies. Contributors may also be required to produce reports for specified time intervals ranging from three to twelve months, depending on the nature of the request. Separate provisions apply to designated interest rate and commodity benchmarks, including expanded reporting requirements for compliance with additional sections and codes of conduct.

The reform aims to increase transparency, improve investor protection, and standardizes reporting expectations across benchmark categories, while reducing ambiguity in assurance terminology and strengthening the role of public accountants in verifying operational integrity of financial benchmarks used in capital markets and reinforcing regulatory confidence through consistent audit cycles, clearer accountability mechanisms, and harmonized national instrument adoption across jurisdictions participating in Canadian securities regulation frameworks supporting long term market stability and improving cross jurisdictional comparability of assurance reporting practices consistently applied.

Saskatchewan (35/2026) Jun 2, 2026
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