What is national instrument?

A national instrument (NI) is a legal document published by the securities regulatory authority of a country (e.g., the Securities and Exchange Commission in the United States or the Financial Conduct Authority in the United Kingdom) that sets forth the rules and regulations that govern the operations of the country's securities markets. NIs are typically created to protect the interests of investors and ensure the fair and efficient operation of the markets.

NIs can cover a wide range of topics, including:

* The registration and disclosure requirements for companies and other issuers of securities

* The conduct of securities trading

* The responsibilities of investment advisors and other financial professionals

* The regulation of securities exchanges and other trading platforms

* The enforcement of securities laws

NIs are essential to the proper functioning of securities markets, as they provide a comprehensive framework for the regulation of the industry. By establishing clear rules and regulations, NIs help to protect investors from fraud and abuse, ensure the integrity of the markets, and facilitate the flow of capital.

Here are some specific examples of NIs from different jurisdictions:

* In the United States, the Securities Exchange Act of 1934 and the Securities Act of 1933 are two of the most important NIs. These laws establish the SEC's authority to regulate the securities markets and set forth the requirements that companies must meet in order to offer their securities to the public.

* In the United Kingdom, the Financial Services and Markets Act 2000 (FSMA) is the primary legislation that governs the UK's financial services industry. This law establishes the FCA's authority to regulate the markets and sets forth the requirements that companies must meet in order to conduct financial services business.

* In Canada, the Securities Act (Ontario) and the Securities Act (Quebec) are the primary NIs that govern the securities markets in those respective provinces. These laws set forth the rules and regulations that companies and other issuers of securities must comply with, as well as the responsibilities of investment advisors and other financial professionals.

NIs are subject to change over time, as new laws and regulations are adopted to address evolving market conditions and investor needs.