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
ISDA Guidance: SOFR Publication on Good Friday 2026
ISDA guidance for parties to over-the-counter derivative transactions affected by expected non-publication of SOFR on Good Friday in 2026. Please note that the guidance may be updated from time to time.
ISDA Paper on FRTB Rules in Brazil
On March 24, ISDA submitted a paper to Banco Central do Brazil’s (BCB) on its implementation of the revised market risk framework under the Fundamental Review of the Trading Book (FRTB), which represents an important step toward strengthening prudential standards...
IQ Interview with Mark Uyeda
Mandatory clearing of US Treasury securities is due to begin at the end of this year under rules finalized by the Securities and Exchange Commission (SEC) in 2023. SEC commissioner Mark Uyeda talks to IQ about the benefits of clearing...
Response to FCA on CFI Codes for Transparency
On March 19, ISDA responded to Chapter 3 of the UK Financial Conduct Authority’s (FCA) Quarterly Consultation CP26/8 on transparency requirements for financial instruments under Market Conduct Sourcebook (MAR) 11. Sections 3.11-3.13 of the consultation paper explain a discrepancy between...