Feature National Instruments (NIs) Multilateral Instruments (MIs) National Policies (NPs) Companion Policies (CPs) Staff Notices
Legal Status Binding Binding (in participating jurisdictions only) ❌ Non-binding ❌ Non-binding ❌ Non-binding
Who Creates It? CSA (all members) CSA (subset of members) CSA CSA Individual securities commissions
Adoption Adopted by all or nearly all provinces/territories Adopted by some provinces/territories Not formally adopted – issued for guidance Issued alongside a National or Multilateral Instrument Issued by individual securities commissions
Scope Nationwide rules (e.g., registration, disclosure) Rules where national consensus is lacking Guidance on broad regulatory issues or processes Interpretation of a specific NI or MI Clarification and guidance on enforcement and regulatory issues
Enforceable? Yes, in adopting jurisdictions Yes, but only where adopted No No No
Purpose Create uniform, enforceable securities laws across Canada Enable progress on regulation without national consensus Provide harmonized policy guidance Help interpret and apply NIs or MIs Inform market participants of regulatory priorities and expectations
Examples NI 31-103 – Registration Requirements MI 45-108 – Crowdfunding Exemption (pre-2021) NP 11-203 – Exemptive Relief Process CP 31-103 – Interpretation of NI 31-103 OSC Staff Notice 51-732 – Climate Disclosure Guidance
Binding on Industry? Yes Yes (only in adopting jurisdictions) ❌ No ❌ No ❌ No
Used by All market participants Participants in applicable provinces Regulators, firms, lawyers Firms, compliance officers, lawyers Regulators, legal counsel, compliance teams

As noted previously, the Canadian Securities Administrators (CSA) does not have direct enforcement powers. Instead, enforcement is carried out by provincial and territorial securities regulators, which are the legal authorities under securities legislation.
At the same time, CSA plays a key coordinating role in enforcement by:

1. Facilitating Interjurisdictional Cooperation

  • Coordinates enforcement actions involving cross-border fraud, insider trading, or misconduct affecting multiple provinces.
  • Operates joint enforcement teams or committees to streamline investigations.

2. Sharing Intelligence

  • Member regulators share information, evidence, and surveillance data to support investigations.
  • Works with domestic law enforcement (e.g., RCMP, police) and international bodies (e.g., SEC, IOSCO).

3. Developing Enforcement Policies

  • CSA develops national enforcement policies and protocols to standardize approaches and priorities across Canada.
  • Example: CSA Staff Notice 15-306 (guidance on enforcement cooperation).

4. Publishing Enforcement Reports

  • CSA regularly publishes annual enforcement reports summarizing actions taken by its members.
  • Increases transparency and acts as a deterrent.