Long-Awaited Proposed Canadian Derivatives Registration Arrives

With the publication of Proposed National Instrument 93-102 Derivatives: Registration and its Companion Policy 93-102 (collectively, the "Derivatives Registration Rule") by the Canadian Securities Administrators ("CSA") on April 19, 2018, the days are finally over for those wondering what the "second half" of Canada's over-the-counter ("OTC") derivatives registration regime will look like. As we reported in our bulletin on April 6, 2017, the "first half" of this regime was published in the form of Proposed National Instrument 93-101 Derivatives: Business Conduct and its Companion Policy 93-101CP (collectively, the "Business Conduct Rule"). Together, the Derivatives Registration Rule and the Business Conduct Rule are intended to implement a comprehensive regime for the regulation of firms and individuals that are in the business of trading and advising on OTC derivatives, similar to the regime implemented by National Instrument 31-103 Registration Requirements,