The Canadian Securities Administrators (CSA) has published final amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (NI 94-101) (The Final Amendments). The amendments were finalized after considering comments received on proposed amendments published in 2024 (in 2025 for the BC Securities Commission).
The Final Amendments aim to update the list of mandatory clearable over- the-counter (OTC) derivatives to reflect the transition to a new interest rate benchmarks regime based on overnight interest rate benchmarks (referred to as risk-free interest rate benchmarks). The Final Amendments also add certain classes of derivatives to this list of mandatory clearable OTC derivatives (provided in Appendix A of NI 94-101).
NI 94-101 came into force in 2017 with the purpose of reducing counterparty risk in the OTC derivatives market and addressing a potential risk to financial stability, by requiring certain counterparties to clear certain prescribed derivatives through a central counterparty.
Provided all necessary ministerial approvals are obtained, the amendments will come into force on March 25, 2026 in all CSA jurisdictions.
Final Amendments to National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (NI 94-101 is available for download from the websites of CSA jurisdictions.
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
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