Comments with Respect to Proposed Amendments to National Instrument 94-101 and Companion Policy 94-101


The International Swaps and Derivatives Association, Inc. (ISDA) appreciates the opportunity to provide comments with respect to the proposed amendments (the Proposed Rule Amendments) to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (the National Instrument) and the proposed changes (the Proposed CP Changes) to Companion Policy 94-101 Mandatory Central Counterparty Clearing of Derivatives (the CP). In this letter, we refer to the Proposed Rule Amendments and the Proposed CP Changes together as the Proposed Amendments.

The Proposed Amendments were published by the Canadian Securities Administrators (CSA) on October 12, 2017, and would refine the scope of counterparties to which the clearing requirement under the National Instrument applies, as well as the types of derivatives mandated for clearing under the National Instrument.

ISDA has been actively engaged for a number of years with providing input on regulatory reforms affecting derivatives in major jurisdictions globally, including Canada. ISDA provided comments to the CSA during the consultation process, which led up to the publication of the National Instrument and the CP in January 2016. To help facilitate compliance with the new requirements, ISDA published a Canadian Clearing Classification Letter (the Classification Letter) on March 30, 2017, in order to allow market participants to exchange information and determine whether their transactions are in scope for mandatory clearing. A copy of the Classification Letter is attached to this letter as Appendix A.

ISDA is pleased to provide feedback regarding the Proposed Amendments on behalf of its members.

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