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ARTICLE · 02 JANUARY 2013

The Regulation Of Derivatives in Canada - Background And New Developments

DLA Piper
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The Canadian Securities Administrators OTC Derivatives Committee published on December 6, 2012 two model rules (the "Model Rules") concerning the classification of derivatives for provincial securities law purposes, as well as reporting obligations in respect to certain of those identified derivatives.

CanadaFinance and Banking
Eric Belli-Bivar
Eric Belli-Bivar
Todd Wolfe
Todd Wolfe
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1. Introduction

The Canadian Securities Administrators OTC Derivatives Committee published on December 6, 2012 two model rules (the "Model Rules") concerning the classification of derivatives for provincial securities law purposes, as well as reporting obligations in respect to certain of those identified derivatives. The Model Rules are the first elements of a framework currently under development to regulate the derivatives market in Canada following the global economic and financial crisis of 2007-2009 (the "Financial Crisis").

The publication of the Model Rules follows upon the October 1, 2012 announcement of the Canadian Securities Administrators ("CSA") and the Bank of Canada that they were committed to clearing standardized over-the-counter ("OTC") derivatives (subject to appropriate exemptions) through central counterparties ("CCP"), including foreign CCPs, provided such counterparties are recognized by Canadian authorities and meet four safeguards

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