Over-The-Counter Derivatives And Financial Benchmarks Regulations

The first bill to implement the proposals contained within the 2014 Federal Budget for over-the-counter derivatives regulations and financial benchmarks has been introduced in Parliament. Bill C-31, titled the Economic Action Plan 2014 Act, No. 1 ("Bill C-31"), amends the Bank Act to add regulation-making powers respecting a bank's activities in relation to derivatives and benchmarks.  The Government of Canada's intention is that Bill C-31 will:

• facilitate the integration and consolidation of over-the-counter derivatives regulations with the Cooperative Capital Markets Regulator (when it becomes operational);
• make it easier for foreign regulators to assess the Canadian regulatory framework in their equivalency determinations;