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Canadian securities regulators seek comment on derivatives rule relating to mandatory central counterparty clearing

Wednesday, February 24, 2016

Montréal – Members of the Canadian Securities Administrators (CSA) today published for comment Proposed National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives and its companion policy (the proposed instrument), which introduces requirements for central counterparty clearing of certain over-the-counter (OTC) derivatives transactions.

Mandatory central counterparty clearing is intended to mitigate counterparty risk in the derivatives market and increase financial stability. In developing the proposed instrument, the CSA has carefully considered public comments received on National Instrument 94-101 Mandatory Central Counterparty Clearing, published in February 2015, as well as comments on CSA Notice 91-303 Proposed Model Provincial Rule on Mandatory Central Counterparty Clearing of Derivatives, and CSA Consultation Paper 91-406 OTC Central Counterparty Clearing from December 2013 and June 2012, respectively.

The proposed instrument establishes:

  • the determination of the derivatives (each a mandatory clearable derivative) that will be subject to the requirement to submit for central counterparty clearing;
  • the requirement (and limited exemptions) to submit a transaction involving a mandatory clearable derivative to a recognized or exempted central counterparty for clearing.

“This proposed instrument further advances the CSA’s work to meet international objectives regarding mandatory clearing of OTC derivatives and underscores our commitment to further ensure the soundness of derivatives markets,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers. “The derivatives market reform we are undertaking, of which this proposed instrument forms part, is intended to protect market participants, improve transparency and eliminate opportunities for regulatory arbitrage.”

For additional information about central counterparty clearing reform in Canada, the public may review the recently published National Instrument 24-102 Clearing Agency Requirements and Proposed National Instrument 94-102 Derivatives: Customer Clearing and Protection of Customer Collateral and Positions.

Following the current consultation, the CSA will review all comments received and make amendments as appropriate to the proposed instrument.

The proposed instrument can be found on CSA members’ websites. The 90-day comment period is open until May 24, 2016.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian financial markets.

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For more information:

Mark Dickey
Alberta Securities Commission
403-297-4481

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Richard Gilhooley
British Columbia Securities Commission
604-899-6713

Kristen Rose
Ontario Securities Commission
416-593-2336

Ainsley Cunningham
Manitoba Securities Commission
204-945-4733

Andrew Nicholson
Financial and Consumer Services
Commission,
New Brunswick
506-658-3021

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Janice Callbeck
Office of the Superintendent of Securities
P.E.I.
902-368-6288

John O'Brien
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-4909

Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466

Jeff Mason
Nunavut Securities Office
867-975-6591

Tom Hall
Office of the Superintendent of Securities
Northwest Territories
867-767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160

 

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