ISDA Letter on Canadian Business Conduct Rules

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).

ISDA/IIF Response to EC Market Risk Consultation

On February 22, ISDA and the Institute of International Finance (IIF) submitted a joint response to the European Commission’s (EC) consultation on the application of the market risk prudential framework. The associations believe the capital framework should be risk-appropriate and...

ISDA Submits Letter on Environmental Credits

On April 15, ISDA submitted a response to the Financial Accounting Standards Board’s (FASB) consultation on environmental credits and environmental credit obligations. The response supports the FASB’s overall proposals to establish clear and consistent accounting guidance for environmental credits, but...

ISDA Response to ESMA on CCP Model Validation

On April 7, ISDA responded to the European Securities and Markets Authority’s (ESMA) consultation on draft regulatory technical standards (RTS) under article 49(5) of the European Market Infrastructure Regulation (EMIR), on the conditions for an application for validation of model...