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.

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.

Click on the attachments to see the representation letter and foreign dealer notice.