Category: Structured Finance & Derivatives

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Canadian Regulators Issue Revised Derivatives Dealer and Adviser Business Conduct Rule Proposal

June 28, 2018

On June 14, 2018, the Canadian Securities Administrators (CSA) published for comment a revised version of Proposed National Instrument 93-101 – Derivatives: Business Conduct (Business Conduct Rule). The Business Conduct Rule would impose a range of requirements on Canadian and foreign persons engaged in the business of trading over-the-counter derivatives (derivatives) (Derivatives Dealers) or advising in connection with transacting in…

Canadian Derivatives: Registration Regime for Dealers and Advisers Gets Momentum

April 24, 2018

On April 19, 2018, the Canadian Securities Administrators (CSA) took a major step toward adopting a comprehensive regime for the regulation of those in the business of trading derivatives or advising on derivatives. The CSA published for comment Proposed National Instrument 93-102 Derivatives: Registration (Proposed Registration Rule), along with a proposed Companion Policy. This initiative builds on the CSA’s efforts…

Alert: CSA, OSC Remind Non-Canadian Trading Platforms of Canadian Regulatory Requirements

January 17, 2018

On January 4, 2018, the Canadian Securities Administrators (CSA) published Staff Notice 21-322 Applicability of Regulation to the Operation of MTFs or OTFs in Canada (CSA Staff Notice) and the Ontario Securities Commission (OSC) published Staff Notice 21-711 Multilateral Trading Facilities – Exemption from Requirement to be Recognized as an Exchange (OSC Staff Notice, and together with the CSA Staff…

CSA Propose Amendments to the Mandatory Derivatives Clearing Rule

October 19, 2017

On October 12, 2017, the Canadian Securities Administrators (CSA) proposed for comment amendments (Amendments) to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (NI 94-101), in order to refine the scope of entities that will become subject to mandatory clearing requirements beginning in August 2018. Clearing members that subscribe for a regulated clearing agency’s clearing services in respect of…

Quebec Introduces Much Anticipated Bill 141 to Revise Framework for Quebec Financial Sector

October 10, 2017

On October 5, 2017, Quebec’s Minister of Finance Carlos Leitão (Minister) introduced Bill 141, An Act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions (Bill) in the National Assembly, a much anticipated omnibus bill that is meant to improve the framework of Quebec’s financial sector and strengthen…

Canadian Bail-In Regulations: What You Need to Know

June 27, 2017

On June 16, 2017, Canada’s Department of Finance and the Office of the Superintendent of Financial Institutions (OSFI) published for comments a package of draft regulations and guidelines setting out the final details of Canada’s bail-in framework and related total loss absorbency capacity (TLAC) capital standard for Canada’s six domestic systemically important banks (DSIBs). The bail-in regulations are expected to…

OSC Seeks Stakeholder Input on Proposed Derivatives Business Conduct Rule

June 1, 2017

On May 29, 2017, the Ontario Securities Commission (OSC) hosted a half-day roundtable session to discuss the recently published Proposed National Instrument 93-101 – Derivatives: Business Conduct (Business Conduct Rule). Specific details regarding the Business Conduct Rule are discussed in our April 2017 Blakes Bulletin: Canadian Regulators Propose Broad Derivatives Dealer and Adviser Business Conduct Rules.  The roundtable session included…

Canadian Regulators Propose Broad Derivatives Dealer and Adviser Business Conduct Rules

April 24, 2017

On April 4, 2017, the Canadian Securities Administrators (CSA) published for comment Proposed National Instrument 93-101 – Derivatives: Business Conduct (Business Conduct Rule), which would impose a range of business conduct requirements on Canadian and foreign persons engaged in the business of trading in over-the-counter derivatives (derivatives) with Canadian clients (Derivatives Dealers) or advising Canadian clients in connection with transacting…

Alert: ISDA Publishes Canadian Clearing Classification Letter

April 6, 2017

On March 30, 2017, the International Swaps and Derivatives Association, Inc. (ISDA), with the assistance of Blakes lawyers, published the ISDA Canadian Clearing Classification Letter. The letter enables market participants to provide their counterparties with status information to determine if they are in scope for purposes of National Instrument 94-101 – Mandatory Central Counterparty Clearing of Derivatives (NI 94-101). The…

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