CSA adopts amendments to mandatory central clearing regulation
25 September 2025 Canada
Image: epkatsu/stock.adobe.com
The Canadian Securities Administrators (CSA) has released final amendments to the National Instrument 94-101 Mandatory Central Counterparty Clearing of Derivatives (NI 94-101) regulation.
The 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 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 25 March 2026 in all CSA jurisdictions.
The CSA, the council of securities regulators of Canada鈥檚 provinces and territories, coordinates and harmonises regulation for the Canadian capital markets.
The 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 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 25 March 2026 in all CSA jurisdictions.
The CSA, the council of securities regulators of Canada鈥檚 provinces and territories, coordinates and harmonises regulation for the Canadian capital markets.
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