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).
Documents (11) for ISDA Letter on Canadian Business Conduct Rules
- Foreign Dealer Notice re ISDA Canadian BCR Representation Letter 0224(docx) will open in a new tab or window
- Supplement to ISDA Canadian BCR Representation Letter (Feb 12 2024)(docx) will open in a new tab or window
- ISDA Canadian BCR Representation Letter (Feb 12 2024)(docx) will open in a new tab or window
- Supplement-to-ISDA-Canadian-BCR-Representation-Letter-021224-fr(docx) will open in a new tab or window
- ISDA-Canadian-BCR-Representation-Letter-021224-fr(docx) will open in a new tab or window
- Foreign-Dealer-Notice-re-ISDA-Canadian-BCR-Representation-Letter-0224-fr(docx) will open in a new tab or window
- ISDA-Canadian BCR Representation Letter-021925(docx) will open in a new tab or window
- ISDA-Canadian BCR Representation Letter-021925-Blackline(pdf) will open in a new tab or window
- ISDA-Annotated Canadian BCR Representation Letter-021925(docx) will open in a new tab or window
- ISDA-Canadian-BCR-Representation-Letter-021925-fr(docx) will open in a new tab or window
- ISDA-Annotated-Canadian-BCR-Representation-Letter-021925-fr(docx) will open in a new tab or window
Latest
Guidance for EU IM Model Application for ISDA SIMM®
EU financial and non-financial EU counterparties exchanging IM based on ISDA SIMM® should have already submitted an initial application for authorisation to their competent authority (CA), and ECB if applicable. If not, they should do so timely to ensure continued...
Joint Response on Stress Testing Framework
On February 23, ISDA, the Bank Policy Institute, the American Bankers Association, the Financial Services Forum, the Securities Industry and Financial Markets Association and the US Chamber of Commerce jointly responded to the US Federal Reserve’s consultation on the stress...
Joint Letter on Italian 2026 Budget Law
On February 23, ISDA, the Association for Financial Markets in Europe and the International Securities Lending Association jointly sent a letter to the Italian tax authorities about changes to withholding tax on dividends made in the 2026 budget law, which...
Response to FCA on UK MIFIR Consultation
On February 20, ISDA responded to the Financial Conduct Authority’s (FCA) consultation on improving the UK Markets in Financial Instruments Regulation (MIFIR) transaction reporting regime. The consultation aims to reduce the regulatory burden on firms, support sustained economic growth in...
