Section 1 (1) definitions of "designated commodity benchmark", "front office" and "front office employee" were added by BC Reg 211/2023, effective September 27, 2023.
Section 1 (1) definition of "subject requirements", paragraph (f) was added by BC Reg 211/2023, effective September 27, 2023.
Section 1 (1) definitions of "CSAE 3000", "CSAE 3001", "CSAE 3530", "CSAE 3531", "ISAE 3000", "limited assurance report on compliance" and "reasonable assurance report on compliance" BEFORE repealed by BC Reg 74/2026, effective May 5, 2026.
"CSAE 3000" means Canadian Standard on Assurance Engagements 3000 Attestation Engagements Other than Audits or Reviews of Historical Financial Information, as amended from time to time;
"CSAE 3001" means Canadian Standard on Assurance Engagements 3001 Direct Engagements, as amended from time to time;
"CSAE 3530" means Canadian Standard on Assurance Engagements 3530 Attestation Engagements to Report on Compliance, as amended from time to time;
"CSAE 3531" means Canadian Standard on Assurance Engagements 3531 Direct Engagements to Report on Compliance, as amended from time to time;
"ISAE 3000" means International Standard on Assurance Engagements 3000 (Revised), Assurance Engagements Other than Audits or Reviews of Historical Financial Information, as amended from time to time;
"limited assurance report on compliance" means
(a) a public accountant's limited assurance report, on management's statement that a person or company complied with the applicable subject requirements, if the report is prepared in accordance with CSAE 3000 and CSAE 3530 or ISAE 3000, or
(b) a public accountant's limited assurance report, on the compliance of a person or company with the applicable subject requirements, if the report is prepared in accordance with CSAE 3001 and CSAE 3531 or ISAE 3000;
"reasonable assurance report on compliance" means
(a) a public accountant's reasonable assurance report, on management's statement that a person or company complied with the applicable subject requirements, if the report is prepared in accordance with CSAE 3000 and CSAE 3530 or ISAE 3000, or
(b) a public accountant's reasonable assurance report, on the compliance of a person or company with the applicable subject requirements, if the report is prepared in accordance with CSAE 3001 and CSAE 3531 or ISAE 3000;
Section 1 (1) definition of "reasonable assurance report on controls" was added by BC Reg 74/2026, effective May 5, 2026.
Section 1 (1) definition of "subject requirements", paragraph (a.0) was added by BC Reg 74/2026, effective May 5, 2026.
Section 1 (1) definition of "subject requirements", paragraphs (c) and (d) BEFORE amended by BC Reg 74/2026, effective May 5, 2026.
Section 5 (2) (b) BEFORE amended by BC Reg 74/2026, effective May 5, 2026.
(b) subsection 2 (5), paragraph 18 (1) (c), sections 32 and 36 and subsection 39 (7) as they relate to internal review or audit, a public accountant's limited assurance report on compliance or a reasonable assurance report on compliance;
Section 6 (3) (a) BEFORE amended by BC Reg 211/2023, effective September 27, 2023.
(a) monitor and assess compliance by the designated benchmark administrator and its DBA individuals with the accountability framework referred to in section 5, the control framework referred to in section 8 and securities legislation relating to benchmarks;
Section 6 (3) (a) (i) and (ii) were added by BC Reg 211/2023, effective September 27, 2023.
Section 6 (3) (b) (ii) BEFORE amended by BC Reg 211/2023, effective September 27, 2023.
(ii) compliance by the designated benchmark administrator and its DBA individuals with the accountability framework referred to in section 5, the control framework referred to in section 8 and securities legislation relating to benchmarks, and
Section 6 (3) (b) (ii.1) was added by BC Reg 211/2023, effective September 27, 2023.
Section 7 (8) (f) and (g) BEFORE amended by BC Reg 74/2026, effective May 5, 2026.
(f) assess any report resulting from an internal review or audit, or any public accountant's limited assurance report on compliance or reasonable assurance report on compliance;
(g) monitor the implementation of any remedial actions relating to an internal review or audit, or any public accountant's limited assurance report on compliance or reasonable assurance report on compliance;
Section 15 (4) (part) BEFORE amended by BC Reg 211/2023, effective September 27, 2023.
(4) If input data is contributed from any front office of a benchmark contributor, or of an affiliated entity of a benchmark contributor, that performs any activities that relate to or might affect the input data, the designated benchmark administrator must
Section 15 (5) BEFORE repealed by BC Reg 211/2023, effective September 27, 2023.
(5) In this section, "front office" means any department, division or other internal grouping of a benchmark contributor, or any employee or agent of a benchmark contributor, that performs any pricing, trading, sales, marketing, advertising, solicitation, structuring or brokerage activities on behalf of the benchmark contributor.
Section 24 (4) (f) BEFORE amended by BC Reg 74/2026, effective May 5, 2026.
(f) any internal or external review of the benchmark contributor, including, for greater certainty, each limited assurance report on compliance or reasonable assurance report on compliance required under this Instrument.
Section 24 (5) (a) BEFORE amended by BC Reg 74/2026, effective May 5, 2026.
(a) cooperate with the designated benchmark administrator in the review and supervision of the provision of the designated benchmark, including, for greater certainty, cooperation in connection with any limited assurance report on compliance or reasonable assurance report on compliance required under this Instrument, and
Section 24 (5) (b) (ii) BEFORE amended by BC Reg 74/2026, effective May 5, 2026.
(ii) a public accountant involved with the preparation of a limited assurance report on compliance or reasonable assurance report on compliance required under this Instrument.
Section 26 (3) (b) BEFORE amended by BC Reg 74/2026, effective May 5, 2026.
(b) enables an audit, review or evaluation of any input data, calculation, or exercise of expert judgment, including in connection with any limited assurance report on compliance or reasonable assurance report on compliance.
Section 32 BEFORE re-enacted by BC Reg 74/2026, effective May 5, 2026.
Assurance report on designated benchmark administrator
32 (1) A designated benchmark administrator must engage a public accountant to provide, as specified by the oversight committee referred to in section 7, either a limited assurance report on compliance or a reasonable assurance report on compliance, in respect of each designated critical benchmark it administers, regarding the designated benchmark administrator's
(a) compliance with sections 5, 8 to 16 and 26, and
(b) following of the methodology applicable to the designated critical benchmark.
(2) A designated benchmark administrator must ensure an engagement referred to in subsection (1) occurs once every 12 months.
(3) A designated benchmark administrator must, within 10 days of the receipt of a report referred to in subsection (1), publish the report and deliver a copy of the report to the regulator or securities regulatory authority.
Section 33 BEFORE re-enacted by BC Reg 74/2026, effective May 5, 2026.
Assurance report on benchmark contributor
33 (1) Except in Québec, if required by the oversight committee referred to in section 7 as a result of a concern with the conduct of a benchmark contributor to a designated critical benchmark, the benchmark contributor must engage a public accountant to provide, as specified by the oversight committee, either a limited assurance report on compliance or a reasonable assurance report on compliance regarding the conduct of the benchmark contributor and its
(a) compliance with section 24, and
(b) following of the methodology applicable to the designated critical benchmark.
(2) Except in Québec, a benchmark contributor must, within 10 days of the receipt of a report referred to in subsection (1), deliver a copy of the report to
(a) the oversight committee referred to in section 7,
(b) the board of directors of the designated benchmark administrator, and
Section 36 BEFORE re-enacted by BC Reg 74/2026, effective May 5, 2026.
Assurance report on designated benchmark administrator
36 (1) A designated benchmark administrator must engage a public accountant to provide, as specified by the oversight committee referred to in section 7, a limited assurance report on compliance, or a reasonable assurance report on compliance, in respect of each designated interest rate benchmark it administers, regarding the designated benchmark administrator's
(a) compliance with sections 5, 8 to 16, 26 and 34, and
(b) following of the methodology of the designated interest rate benchmark.
(2) A designated benchmark administrator must ensure an engagement referred to in subsection (1) occurs for the first time 6 months after the introduction of a code of conduct for benchmark contributors referred to in section 23 and subsequently once every 2 years.
(3) A designated benchmark administrator must, within 10 days of the receipt of a report referred to in subsection (1), publish the report and deliver a copy of the report to the regulator or securities regulatory authority.
Section 37 BEFORE re-enacted by BC Reg 74/2026, effective May 5, 2026.
Assurance report on benchmark contributor required by oversight committee
37 (1) Except in Québec, if required by the oversight committee referred to in section 7 as a result of a concern with the conduct of a benchmark contributor to a designated interest rate benchmark, the benchmark contributor must engage a public accountant to provide, as specified by the oversight committee, either a limited assurance report on compliance or a reasonable assurance report on compliance, regarding the conduct of the benchmark contributor and its
(a) compliance with sections 24 and 39, and
(b) following of the methodology of the designated interest rate benchmark.
(2) Except in Québec, the benchmark contributor must, within 10 days of the receipt of a report referred to in subsection (1), deliver a copy of the report to
(a) the oversight committee referred to in section 7,
(b) the board of directors of the designated benchmark administrator, and
Section 38 BEFORE re-enacted by BC Reg 74/2026, effective May 5, 2026.
Assurance report on benchmark contributor required at certain times
38 (1) Except in Québec, a benchmark contributor to a designated interest rate benchmark must engage a public accountant to provide, as specified by the oversight committee referred to in section 7, a limited assurance report on compliance, or a reasonable assurance report on compliance, regarding the conduct and input data of the benchmark contributor and its
(a) compliance with sections 24 and 39,
(b) following of the methodology of the designated interest rate benchmark, and
(c) following of the code of conduct referred to in section 23.
(2) Except in Québec, a benchmark contributor must ensure an engagement referred to in subsection (1) occurs for the first time 6 months after the introduction of a code of conduct for benchmark contributors referred to in section 23 and subsequently once every 2 years.
(3) Except in Québec, the benchmark contributor must, within 10 days of the receipt of a report referred to in subsection (1), deliver a copy of the report to
(a) the oversight committee referred to in section 7,
(b) the board of directors of the designated benchmark administrator, and
Section 39 (3) (e) BEFORE amended by BC Reg 211/2023, effective September 27, 2023.
(e) that there are conflict of interest identification and management procedures and communication controls, both within the benchmark contributor's organization and among benchmark contributors and other third parties, reasonably designed to avoid any external influence over those responsible for contributing input data, if a reasonable person would consider that the external influence might adversely affect the accuracy, reliability or completeness of the input data;
Section 39 (8) (b) BEFORE amended by BC Reg 74/2026, effective May 5, 2026.
(b) a public accountant involved with the preparation of a limited assurance report on compliance or reasonable assurance report on compliance required under this Instrument.
Section 40.11 (3) (b) BEFORE amended by BC Reg 74/2026, effective May 5, 2026.
(b) enables an audit, review or evaluation of any input data, calculation, or exercise of expert judgment, including in connection with any limited assurance report on compliance or reasonable assurance report on compliance.
Section 40.13 BEFORE re-enacted by BC Reg 74/2026, effective May 5, 2026.
Assurance report on designated benchmark administrator
40.13 (1) A designated benchmark administrator must engage a public accountant to provide a limited assurance report on compliance or a reasonable assurance report on compliance, in respect of each designated commodity benchmark it administers, regarding the designated benchmark administrator's
(a) compliance with subsection 5 (1) and sections 11 to 13, 40.3, 40.4, 40.6, 40.7, and 40.9 to 40.12, and
(b) following of the methodology applicable to the designated commodity benchmark.
(2) A designated benchmark administrator must ensure an engagement referred to in subsection (1) occurs once every 12 months.
(3) A designated benchmark administrator must, within 10 days of the receipt of a report provided for in subsection (1), publish the report and deliver a copy of the report to the regulator or securities regulatory authority.
[en. B.C. Reg. 211/2023, s. 7.]