TORONTO, July 25,
2024 /CNW/ - The Canadian Securities Administrators
(CSA) today announced coordinated local blanket orders (the
Blanket Orders) to provide temporary exemptions
for obligations set out in National Instrument 93-101
Derivatives: Business Conduct (the Business Conduct
Rule). The Blanket Orders temporarily exempt:
- Derivatives firms from certain obligations when transacting
with certain investment funds.
- Senior derivatives managers from certain reporting
obligations.
These orders come into effect on September 28, 2024, the same day as the Business
Conduct Rule.
The Business Conduct Rule sets out a comprehensive regime for
regulating the business conduct of dealers and advisers in the
over-the-counter (OTC) derivatives market. The exemptions will:
- Ensure that investment funds managed by an investment fund
manager, or advised by an adviser, that is the foreign equivalent
to a Canadian registered or authorized investment fund manager or
adviser, have the same treatment as an investment fund managed by
an investment fund manager, or advised by an adviser, regulated in
Canada.
- Extend the deadline for senior derivatives managers of
derivatives dealers to prepare and submit a compliance report to
their board of directors for the 2024 calendar year.
The CSA, the council of the securities regulators of
Canada's provinces and
territories, co-ordinates and harmonizes regulation for the
Canadian capital markets.
For media inquiries, please contact:
Ilana Kelemen
Canadian Securities Administrators
media@acvm-csa.ca
Debra Chan
Ontario Securities Commission
media_inquiries@osc.gov.on.ca
For investor inquiries, please contact your local
securities regulator.
SOURCE Canadian Securities Administrators