Canadian Securities Regulators Seek Comment on Derivatives Rule Relating to Mandatory Central Counterparty Clearing

MONTREAL, Dec. 19, 2013 /CNW Telbec/ - 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.

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.

For more information:
 
Sylvain Théberge
Autorité des marchés financiers
514-940-2176
Mark Dickey
Alberta Securities Commission
403-297-4481
   
Richard Gilhooley
British Columbia Securities Commission
604-899-6713
Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361
   
Kevan Hannah
Manitoba Securities Commission
204-945-1513
Wendy Connors-Beckett
Financial and Consumer Services Commission
New Brunswick
506-643-7745
   
Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586
Janice Callbeck
PEI Securities Office
Office of the Attorney General
902-368-6288
   
Doug Connolly
Financial Services Regulation Div.
Newfoundland and Labrador
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
Northwest Territories
Securities Office
867-920-8984
   
Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160

SOURCE Autorité des marchés financiers

For further information:

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Mark Dickey
Alberta Securities Commission
403-297-4481

Richard Gilhooley
British Columbia Securities Commission
604-899-6713

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

Kevan Hannah
Manitoba Securities Commission
204-945-1513

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

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Janice Callbeck
PEI Securities Office
Office of the Attorney General
902-368-6288

Doug Connolly
Financial Services Regulation Div.
Newfoundland and Labrador
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
Northwest Territories
Securities Office
867-920-8984

Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160