ISDA Letter on Canadian Business Conduct Rules

On September 28, the securities regulatory authorities of Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Nunavut, Northwest Territories and Yukon adopted a final rule (National Instrument (NI) 93-101 Derivatives Business Conduct) to establish a regime for the regulation of business conduct of dealers and advisors operating in the over-the-counter derivatives markets. The rule takes effect on September 28, 2024, and the final rule can be found here.

In February 2024, ISDA published a representation letter and supplement to assist market participants in complying with the rule. In addition, ISDA published a foreign dealer notice to assist foreign derivatives dealers in notifying Canadian counterparties of the required information.

On February 19, 2025, ISDA published a revised representation letter to reflect changes provided for by the Canadian Securities Administrators’ (CSA) Coordinated Blanket Order 93-930, which provided temporary exemptions from certain requirements of the Business Conduct Rules.

In addition on February 19, 2025, ISDA published an annotated representation letter reflecting guidance from the CSA.

Click on the attachments to see the representation letter and foreign dealer notice (French and English versions below).

ISDA Expands SwapsInfo with US FX Derivatives Data

ISDA has expanded its SwapsInfo website to include data on US-reported foreign exchange (FX) derivatives, further increasing transparency in the over-the-counter (OTC) derivatives market. The new FX section provides insights into trading activity in FX forwards, swaps and options. Users...

ISDA Feedback on Identifying Reference Data

On July 20, ISDA submitted feedback to the European Securities and Markets Authority (ESMA) on draft Level 3 guidance on several technical issues caused by the interaction of the recently adopted regulatory technical standard on derivatives transparency (RTS 2) and...