CSA National and Multilateral Instruments

The CSA rules or regulations are largely harmonized as either National or Multilateral Instruments and are numbered in a uniform way.  However, they are adopted as local subordinate legislation under each Canadian province’s or territory’s Securities Act or other applicable acts.  A National Instrument is an instrument that has been adopted in all thirteen Canadian provinces and territories. 

A Multilateral Instrument is an instrument that has been adopted in more than one, but not all Canadian provinces and territories. The list below includes only the National and Multilateral Instruments currently in force.  These instruments, as they are in effect in each Canadian province or territory, can be found on the websites of the CSA members.

Click here for PDF version of this list (PDF). Note that national policies and CSA notices are not available on the CSA website but rather on our members’ websites.  

Also note that local versions of CSA National and Multilateral Instruments have both substantive and non-substantive differences. Click here to access the chart summarizing the substantive inter-jurisdictional differences in National and Multilateral Instruments.

  • Multilateral Instrument 11-102 Passport System

In effect: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Québec, Saskatchewan, Yukon
Not in effect: Ontario

  • Multilateral Instrument 11-103 Failure-to-File Cease Trade Orders in Multiple Jurisdictions

In effect: British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nunavut, Prince Edward Island, Saskatchewan,
Not in effect: Alberta, Nova Scotia, Ontario, Québec

Note: Alberta, Nova Scotia and Québec have not adopted MI 11-103 because they are relying on their respective statutory provisions providing for automatic reciprocation of enforcement orders from other jurisdictions, which substantively provide the same result as MI 11-103.  British Columbia, Saskatchewan and Manitoba also have a similar statutory provision but MI 11-103 remains in effect in those provinces. New Brunswick is in the process of repealing MI 11-103 because it has adopted a similar statutory provision.  Ontario currently does not have a statutory provision for automatic reciprocation of enforcement orders. 

  • Multilateral Instrument 13-102 System Fees

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

Note: This instrument has been implemented by all CSA members either by rule or by regulation.  It remains a multilateral instrument because Manitoba does not have legislative authority to adopt it as a rule, and instead implemented the same requirements as a regulation: Regulation 57/2023 under the Manitoba Securities Act, System Fees for SEDAR and NRD Regulation.

  • National Instrument 13-103 System for Electronic Data Analysis and Retrieval + (SEDAR+)

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 14-101 Definitions

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

2. Certain Capital Market Participants

  • National Instrument 21-101 Marketplace Operation

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 23-101 Trading Rules

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 23-102 Use of Client Brokerage Commissions

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 23-103 Electronic Trading and Direct Access to Marketplaces

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 24-101 Institutional Trade Matching and Settlement

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 24-102 Clearing Agency Requirements

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 25-101 Designated Rating Organizations

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • Multilateral Instrument 25-102 Designated Benchmarks and Benchmark Administrator

In effect : Alberta, British Columbia, New Brunswick, Northwest Territories, Nova Scotia, Ontario, Québec, Saskatchewan, Yukon
Not in effect : Manitoba, Newfoundland and Labrador, Nunavut, Prince Edward Island

  • National Instrument 31-102 National Registration Database

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • Multilateral Instrument 32-102 Registration Exemptions for Non-Resident Investment Fund Managers

In effect: Newfoundland and Labrador, Ontario and Québec
Not in effect: Alberta, British Columbia, Manitoba, New Brunswick, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan, Yukon
Note: The non-participating jurisdictions have instead adopted Multilateral Policy 31-202 Registration Requirement for Investment Fund Managers. The interpretation of the investment fund manager registration requirement in these jurisdictions is significantly different from MI 32-102.

  • National Instrument 33-105 Underwriting Conflicts

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 33-109 Registration Information

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 35-101 Conditional Exemption from Registration for United States Broker-Dealers and Agents

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

4. Distribution Requirements

  • National Instrument 41-101 General Prospectus Requirements

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 43-101 Standards of Disclosure for Mineral Projects

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 44-101 Short Form Prospectus Distributions

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 44-102 Shelf Distributions

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 44-103 Post-Receipt Pricing

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 45-102 Resale of Securities

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 45-106 Prospectus Exemptions

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan, Québec, Yukon

  • Multilateral Instrument 45-107 Listing Representation and Statutory Rights of Action Disclosure Exemption

In effect: Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Québec, Saskatchewan, Yukon
Not in effect: British Columbia, Ontario
Note: British Columbia and Ontario chose not to participate in MI 45-107 because they each have a measure that addresses the same issues (OSC Rule 45-501 Ontario Prospectus and Registration Exemptions and BCSC Notice 47-701 Blanket Permission under Section 50(1)(c) of the Securities Act)

  • Multilateral Instrument 45-108 Crowdfunding

In effect: Alberta, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec, Saskatchewan
Not in effect: British Columbia, Newfoundland and Labrador, Prince Edward Island, Northwest Territories, Nunavut, Yukon

  • National Instrument 45-110 Start-up Crowdfunding Registration and Prospectus Exemptions

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan, Québec, Yukon

5. Ongoing Requirements for Issuers and Insiders

  • National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan, Québec, Yukon

  • National Instrument 51-102 Continuous Disclosure Obligations

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan, Québec, Yukon

  • Multilateral Instrument 51-105 Issuers Quoted in the U.S. Over-the-Counter Markets

In effect: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Québec, Saskatchewan, Yukon
Not in effect: Ontario

  • National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 52-108 Auditor Oversight

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 52-110 Audit Committees

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 55-102 System for Electronic Disclosure by Insiders (SEDI)

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 55-104 Insider Reporting Requirements and Exemptions

Implemented by all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 58-101 Disclosure of Corporate Governance Practices

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

6. Take-Over Bids and Special Transactions

  • Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions

In effect: Alberta, Manitoba, New Brunswick, Ontario, Québec, Saskatchewan
Not in effect: British Columbia, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Yukon

  • National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 62-104 Take-Over Bids and Issuer Bids

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

7. Securities Transactions Outside the Jurisdictions

  • National Instrument 71-101 The Multijurisdictional Disclosure System

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 71-102 Continuous Disclosure and Other Exemptions Relating to Foreign Issuers

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

8. Investment Funds

  • National Instrument 81-101 Mutual Fund Prospectus Disclosure

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 81-102 Investment Funds

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 81-104 Alternative Mutual Funds

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 81-105 Mutual Fund Sales Practices

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 81-106 Investment Fund Continuous Disclosure

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 81-107 Independent Review Committee for Investment Funds

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

9. Derivatives

  • Multilateral Instrument 91-101 Derivatives: Product Determination

In effect: Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan, Yukon
Not in effect: Manitoba, Ontario, Québec
Note: The derivatives product determination regime is largely harmonized across Canada because MSC Rule 91-506 Derivatives: Product Determination, OSC Rule 91-506 Derivatives: Product Determination and AMF Regulation 91-506 respecting Derivatives Determination provide substantively the same result as MI 91-101.

  • Multilateral Instrument 91-102 Prohibition of Binary Options

In effect: Alberta, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon
Not in effect: British Columbia

  • National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • National Instrument 94-102 Derivatives: Customer Clearing and Protection of Customer Collateral and Positions

In effect in all CSA members: Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Québec, Saskatchewan, Yukon

  • Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting

In effect: Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan, Yukon
Not in effect: Manitoba, Ontario, Québec
Note: The derivatives reporting regime is largely harmonized across Canada because Rule 91-507 Trade Repositories and Derivatives Data Reporting, Exemption for Trade Repositories from certain trade reporting requirements in Manitoba Securities Commission Rule 91-507, OSC Rule 91-507 Trade Repositories and Derivatives Data Reportingand AMF Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting provide substantively the same result as MI 96-101.

* Information was last updated September 18, 2023