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| 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 |