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 Response to EC on Environmental Legislation
On September 10, ISDA, the Association for Financial Markets in Europe (AFME) and the European Fund and Asset Management Association (EFAMA) submitted a joint response to the European Commission’s (EC) call for evidence on reducing the administrative burden in environmental...
Credit Derivatives Trading Activity Q2 2025
This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to...
ISDA Trading and Treasury Forum: CEO Remarks
ISDA Derivatives Trading and Treasury Forum London, September 16, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer Good morning, and welcome to the ISDA Derivatives Trading and Treasury Forum. Thank you to CME Group for partnering with us...
Recognition of Cross-product Netting is Critical
US regulators are in the process of making important changes to the regulatory capital framework by proposing modifications to the enhanced supplementary leverage ratio, which should help stop it from acting as a non-risk-sensitive constraint on bank capacity – a...