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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