Canada: Derivatives Customer Collateral – Frequency Of Reporting By Regulated Clearing Agencies Moves From Monthly To Quarterly
To print this article, all you need is to be registered or login on Mondaq.com.
The Canadian Securities Administrators (CSA) have announced
amendments to National Instrument 94-102 Derivatives: Customer
Clearing and Protection of Customer Collateral and
Positions (NI 94-102) to reduce the frequency of the
customer collateral reports that regulated clearing agencies must
deliver to securities regulators in Canada.
NI 94-102, a regulated clearing agency that receives customer
collateral must deliver
Form 94-102F3 Customer Collateral Report: Regulated Clearing
Agency to the applicable securities regulatory authority
within 10 days of the end of each calendar month. Under the
amendments, the delivery frequency will change from monthly to
According to the CSA, reducing the frequency of the delivery
requirement is a burden reduction initiative that will generate
“time and cost savings for regulated clearing agencies,
without compromising the CSA’s ability to detect major
changes in the derivatives clearing market and to ensure the proper
identification of customer collateral and the clearing
intermediaries, regulated clearing agencies and permitted
depositories that hold it.”
The amendments will come into force on August 1, 2021.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Corporate/Commercial Law from Canada