CSA Introduce Rules To Regulate Financial Benchmarks And Administrators

CSA regulation of benchmarks and administrators is part of the international response following allegations of LIBOR manipulation in 2012.

• MI 25-102 will allow regulators to designate and regulate financial benchmarks, administrators, contributors to benchmarks, and users and is expected to take effect on July 13, 2021.
• The CSA intend to designate only RSBL as an administrator and only CDOR as a designated critical benchmark and a designated interest rate benchmark under MI 25-102.
• Amendments to MI 25-102 were also proposed to introduce a designation and regulation regime in respect of commodity benchmarks and administrators.
• The proposed amendments related to commodity benchmarks are open for stakeholder comment until July 28, 2021.