For Immediate Release
December 19, 2013

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

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.

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