Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Fixed-to-floating swap
|
Currency: |
CAD
|
Index: |
CDOR
|
Product Tenor: |
28 days to 30 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Fixed-to-floating swap
|
Currency: |
USD
|
Index: |
LIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Fixed-to-floating swap
|
Currency: |
EUR
|
Index: |
EURIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Fixed-to-floating swap
|
Currency: |
GBP
|
Index: |
LIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Basis swap
|
Currency: |
USD
|
Index: |
LIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Basis swap
|
Currency: |
EUR
|
Index: |
EURIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Basis swap
|
Currency: |
GBP
|
Index: |
LIBOR
|
Product Tenor: |
28 days to 50 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Overnight index swap
|
Currency: |
CAD
|
Index: |
CORRA
|
Product Tenor: |
7 days to 2 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Overnight index swap
|
Currency: |
USD
|
Index: |
FedFunds
|
Product Tenor: |
7 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Overnight index swap
|
Currency: |
EUR
|
Index: |
EONIA
|
Product Tenor: |
7 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Overnight index swap
|
Currency: |
GBP
|
Index: |
SONIA
|
Product Tenor: |
7 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Forward rate agreement
|
Currency: |
USD
|
Index: |
LIBOR
|
Product Tenor: |
3 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Forward rate agreement
|
Currency: |
EUR
|
Index: |
EURIBOR
|
Product Tenor: |
3 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Authority: |
Ontario-Ontario Securities Commission
|
Jurisdiction: |
Canada
|
Product features |
Product type: |
Forward rate agreement
|
Currency: |
GBP
|
Index: |
LIBOR
|
Product Tenor: |
3 days to 3 years
|
Optionality: |
No
|
Single Or Dual Currency: |
Single
|
Conditional Notional Amount: |
View Note
Canada
Conditional notional amount
These reflect our intended amendments to the regulation for legal certainty considering that such products with a variable notional type are not available for clearing by CCPs recognized or exempt from recognition in a jurisdiction of Canada.
|
Other Product Characteristics: |
|
Eligible CCPs |
Eligible CCPs: |
Chicago Mercantile Exchange, Inc., LCH.Clearnet Ltd
|
Where any of the eligible CCPs listed in the preceding column are not authorised to provide clearing services to all the products in this row, details of these limitations: |
|
Exemptions (Note: The application of the exemptions below may be subject to conditions and restrictions. Please see the relevant notes for details.) |
End-users/ non-financial entities exemption: |
No
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Affiliated entities / group entities exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Pre-existing transactions exemption: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
Other exemptions, if any: |
Yes
View Note
Canada
Exemptions:
1.The requirements do not apply to the following counterparties:
(a) the government of Canada, the government of a jurisdiction of Canada or the government of a foreign jurisdiction;
(b) a crown corporation for which the government of the jurisdiction where the crown corporation was constituted is liable for all or substantially all the liabilities;
(c) a person wholly owned by one or more governments referred to in paragraph (a) if the government or governments are liable for all or substantially all the liabilities of the person;
(d) the Bank of Canada or a central bank of a foreign jurisdiction;
(e) the Bank for International Settlements;
(f) the International Monetary Fund.
2. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative with an affiliated entity, subject to certain conditions.
3. A local counterparty is exempt from the requirements, with respect to a mandatory clearable derivative resulting from a multilateral portfolio compression, subject to certain conditions.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|
|
Effective Date: |
1) affiliates of clearing participants above CAD$1 billion in gross notional amount of OTC derivatives except exempt intragroup transactions and 2) local entities above CAD$500 billion with their local affiliates except exempt intragroup transactions, are temporary exempted from the requirement to clear.
|
|
Reference: |
National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
CSA Staff Notice 94-303 Variation, Amendment, or Revocation and Replacement of Blanket Orders Exempting
Certain Counterparties from the Requirement to Submit a Mandatory Clearable Derivative for Clearing and
Update on Proposed Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of
Derivatives
http://www.osc.gov.on.ca/documents/en/Securities-Category9/csa_20180531_94-303_blanket-orders-exempting-certain-counterparties.pdf
|
|
Last Update of the Regime: |
01 September 2018
View Note
Canada
Counterparties subject to the mandatory central clearing requirements:
The Clearing requirements apply to the following:
A local counterparty to a transaction in a mandatory clearable derivative if one or more of the following applies to each counterparty:
(a) the counterparty
(i) is a participant of a regulated clearing agency that offers clearing services in respect of the mandatory clearable derivative, and
(ii) subscribes to clearing services for the class of derivatives to which the mandatory clearable derivative belongs;
(b) the counterparty
(i) is an affiliated entity of a participant referred to in paragraph (a), and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives exceeding $1 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies;
(c) the counterparty
(i) is a local counterparty in any jurisdiction of Canada, other than a counterparty to which paragraph (b) applies, and
(ii) has had, at any time after the date on which this Regulation comes into force, a month-end gross notional amount under all outstanding derivatives, combined with each affiliated entity that is a local counterparty in any jurisdiction of Canada, exceeding $500 000 000 000 excluding derivatives to which paragraph 7(1)(a) applies.
Source: National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives https://lautorite.qc.ca/fileadmin/lautorite/reglementation/instruments-derives/reglements/94-101/2017-04-04/2017avril04-94-101-vofficielle-en.pdf
|