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.
– 30 –
For more information:
Carolyn Shaw-Rimmington | Mark Dickey |
Richard Gilhooley | Sylvain Théberge |
Kevan Hannah | Wendy Connors-Beckett Financial and Consumer Services Commission, New Brunswick 506-643-7745 |
Tanya Wiltshire | Daniela Machuca |
Janice Callbeck | Doug Connolly Service NL 709-729-2594 |
Rhonda Horte | Louis Arki |
Donn MacDougall |