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
The CPI Quandary
The recent US government shutdown didn’t just create weeks of political drama – it also left inflation-linked swaps dealers with a major headache: how should they determine an initial value for new trades given the US Bureau of Labor Statistics...
ISDA Response to HMT, BoE on UK CCPs
On November 18, ISDA submitted its responses to the Bank of England (BoE) consultation on ensuring the resilience of central counterparties (CCPs) and the UK Treasury’s (HMT) two draft CCP statutory instruments (SIs). These consultations form part of the update...
Doubling Down on Appropriate Trading Book Capital
Throughout ISDA’s 40th anniversary year, we’ve been reflecting on the quest for greater consistency and efficiency that underpins everything we’ve achieved since 1985. It was at the heart of the original efforts to bring greater standardization to the nascent derivatives...
Determining Initial Reference Index for New Trades
On November 25, 2025, ISDA published a Market Practice Note (MPN) to recommend a specific methodology that market participants could elect to use for the purposes of determining the Initial Reference Index for certain new inflation derivative transactions given that...
