The Canadian Securities Administrators (CSA) published final amendments to its mandatory central counterparty clearing regime for derivatives, updating the list of over-the-counter (OTC) derivatives that must be cleared. The changes align the mandatory clearable derivatives list with the transition to a new interest rate benchmarks framework based on overnight risk-free interest rate benchmarks and add certain derivative classes to the list. The amendments update Appendix A of National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives and were finalized after considering feedback on proposed amendments released in 2024 (and in 2025 for the British Columbia Securities Commission). NI 94-101, in force since 2017, requires certain counterparties to clear prescribed derivatives through a central counterparty to mitigate counterparty risk and related financial stability concerns. Subject to obtaining all necessary ministerial approvals, the amendments are scheduled to come into force on March 25, 2026 across all CSA jurisdictions.
Canadian Securities Administrators 2025-09-25
Canadian Securities Administrators finalize amendments updating mandatory central clearing requirements for OTC derivatives to reflect risk-free rate benchmarks
The Canadian Securities Administrators (CSA) have finalized amendments to the mandatory central counterparty clearing regime for derivatives, updating the list of over-the-counter derivatives that must be cleared. These changes align with the transition to a new interest rate benchmarks framework and add certain derivative classes. The amendments, part of National Instrument 94-101, are set to take effect on March 25, 2026, pending ministerial approvals.