CSA Proposes Registration Regime For OTC Derivatives Market In Canada

On April 19, 2018, the Canadian Securities Administrators (the "CSA") published for comment Proposed National Instrument 93-102 Derivatives: Registration and Proposed Companion Policy 93-102 Derivatives: Registration (collectively, the "Proposed Registration Rules"), which set out a comprehensive framework for the registration of participants in the over the counter ("OTC") derivatives markets in Canada.

The release of the Proposed Registration Rules follows the publication of Proposed National Instrument 91-101 Derivatives: Business Conduct and Proposed Companion Policy 93-101 Derivatives: Business Conduct (collectively, the "Proposed Business Conduct Rules") in April 2017, which proposed a variety of business conduct requirements for participants in the OTC derivatives markets in Canada, covering such matters as fair dealing, conflicts of interest, know your client, suitability, safeguarding of counterparty assets, mandatory disclosure and reporting to