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News Release

Canadian Securities Regulators seek comment on derivatives rule relating to mandatory central counterparty clearing

  • Date:

    2013-12-19
  • Number:

    2013/99

Montréal –Members of the Canadian Securities Administrators (CSA) today published for comment the CSA Staff Notice 91-303  - Proposed Model Provincial Rule on Mandatory Central Counterparty Clearing of Derivatives (the “Proposed Model Rule”).

The Proposed Model Rule describes requirements for central counterparty clearing of over-the-counter (OTC) derivatives transactions with the intention of improving transparency in the derivatives market and enhancing the overall mitigation of risks. It was developed following comments received on CSA Consultation Paper 91‐406 OTC Central Counterparty Clearing, published in June 2012.

The Proposed Model Rule is divided into two rule-making areas:

  • requirement to submit a clearable derivative to a central counterparty for clearing (including proposed end-user and intragroup exemptions), and
  •  determination of derivatives subject to the requirement to submit for central counterparty clearing.

“The CSA intends to achieve a harmonized derivatives clearing regime across Canada, in line with international standards,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission.

Following the present consultation, the CSA will review all comments received and make appropriate amendments to the Proposed Model Rule and the follow the process ensuring that specific rules will be implemented in each province or territory.

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

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For more information:

Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361

Mark Dickey
Alberta Securities Commission
403-297-4481

Richard Gilhooley
British Columbia Securities Commission
604-899-6713

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Kevan Hannah
The Manitoba Securities Commission
204-945-4733

Wendy Connors-Beckett
Financial and Consumer Services Commission,
New Brunswick
506-643-7745

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan
306-787-5879

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

Doug Connolly
Service NL
709-729-2594

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

Louis Arki
Nunavut Securities Office
867-975-6587

Donn MacDougall
Office of the Superintendent of Securities
Government of the Northwest Territories
867-920-8984