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

MONTREAL , Feb. 12, 2015 /CNW Telbec/ - Members of the Canadian Securities Administrators (CSA) today published for comment Proposed National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (the Clearing Rule).

The Clearing Rule describes requirements for central counterparty clearing of over-the-counter (OTC) derivatives transactions, and is intended to improve transparency in the derivatives market while enhancing systemic risk mitigation. It was developed following public comments received on CSA Consultation Paper 91406 OTC Central Counterparty Clearing, published in June 2012, and CSA Notice 91-303 Proposed Model Provincial Rule on Mandatory Central Counterparty Clearing of Derivatives, published in December 2013. 

The Clearing Rule is divided into two rule-making areas:

  • the determination of derivatives (each a mandatory clearable derivative) that will be subject to the requirement to submit for central counterparty clearing; and
  • the requirement to submit a transaction in a mandatory clearable derivative to a recognized or exempted central counterparty for clearing (including proposed end-user and intragroup exemptions).

"Achieving greater transparency in the OTC derivatives market is a key component of the post-financial crisis regulatory reform committed to by the Group of Twenty (G20) nations to reduce systemic risk," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "In meeting Canada's commitment to the G20, the CSA intends to establish a nationwide harmonized derivatives clearing regime that is in line with international standards."

For additional information about central counterparty clearing reform in Canada, the public may review the recently published Proposed National Instrument 24-102 Clearing Agency Requirements and the January 2014 publication of CSA Staff Notice 91-304 Model Provincial Rule – Derivatives: Customer Clearing and Protection of Customer Collateral and Positions.  

Following this consultation, the CSA will review all comments received and make appropriate amendments to the Clearing Rule. The CSA will then follow established processes to implement the amendments across Canadian provinces and territories.

The Proposed Clearing Rule can be found on CSA members' websites. The comment period is open until May 13th, 2015.

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:


Carolyn Shaw-Rimmington

Mark Dickey

Ontario Securities Commission

Alberta Securities Commission

416-593-2361

403-297-4481



Richard Gilhooley

Sylvain Théberge

British Columbia Securities Commission

Autorité des marchés financiers

604-899-6713

514-940-2176 



Kevan Hannah

Andrew Nicholson

Manitoba Securities Commission

Financial and Consumer Services

204-945-1513

Commission, New Brunswick


506-658-3021



Tanya Wiltshire

Janice Callbeck          

Nova Scotia Securities Commission

Office of the Superintendent of Securities    

902-424-8586

P.E.I.


902-368-6288



Don Boyles

Rhonda Horte

Office of the Superintendent of Securities

Office of the Yukon Superintendent of

Newfoundland and Labrador

Securities        

709-729-4501

867-667-5466



Louis Arki

Gary MacDougall

Nunavut Securities Office

Office of the Superintendent of Securities,

867-975-6587

Northwest Territories


867-920-3318

Shannon McMillan


Financial and Consumer Affairs Authority


of Saskatchewan        


306-798-4160


 

SOURCE Autorité des marchés financiers

For further 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, Manitoba Securities Commission, 204-945-1513; 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; Don Boyles, Office of the Superintendent of Securities, Newfoundland and Labrador, 709-729-4501; Rhonda Horte, Office of the Yukon Superintendent of Securities, 867-667-5466; Louis Arki, Nunavut Securities Office, 867-975-6587; Gary MacDougall, Office of the Superintendent of Securities, Northwest Territories, 867-920-3318; Shannon McMillan, Financial and Consumer Affairs Authority of Saskatchewan, 306-798-4160;


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