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ARTICLE · 22 MARCH 2016

The Final Version Of Guideline E-22 — Margin Requirements For Non-Centrally Cleared Derivatives — What's New?

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The OSFI published the final version of Guideline E-22 — Margin Requirements for Non-Centrally Cleared Derivatives

CanadaFinance and Banking
Stephen Redican
Stephen Redican
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On February 29, 2016, the Office of the Superintendent of Financial Institutions (OSFI) published the final version of Guideline E-22 — Margin Requirements for Non-Centrally Cleared Derivatives. The purpose of the Guideline is to provide clear and comprehensive guidance to all federally-regulated financial institutions1 (FRFIs) on the variation and initial margin requirements that will take effect starting September 1, 2016, consistent with the timing required by the Basel Committee on Banking Supervision (BCBS) and the International Organization of Securities Commissions (IOSCO) framework.

This final version of the Guideline is the result of a public consultation that commenced with the issuance of a draft Guideline on October 19, 2015. The final Guideline incorporates several revisions resulting from comments received by OSFI during this period. Consistent with the draft Guideline, the final form of the Guideline requires the exchange of margin to secure the

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