CSA Publishes A Revised Derivatives Business Conduct Rule, Moving Toward Final Rule

Recently the Canadian Securities Administrators (the "CSA") published Proposed National Instrument 93-101 - Derivatives: Business Conduct and Proposed Companion Policy 93-101CP - Derivatives: Business Conduct (collectively, the "Proposed Rules") for a comment period of 60 days.

Initially published in April 2017 to establish a comprehensive regime for regulating the business conduct of participants in the over-the-counter ("OTC") derivatives markets, the Proposed Rules were subsequently the focus of two consultation periods, the second of which ended in September 2018. After a three-year wait, the CSA has revised the Proposed Rules and incorporated comments from industry stakeholders seeking an appropriate balance of investor protection, preserving derivatives market access and the impact of compliance costs.