We wanted to note for those that follow changes to the derivatives reporting rules that the CSA (other than the OSC) has released a notice and request for comment related to proposed amendments to NI 94-102 Derivatives: Customer Clearing and Protection of Customer Collateral and Positions. Currently, clearing intermediaries have to provide specified information to the regulators with respect to the value of collateral held or posted by each reporting clearing intermediary. Form 94-102F3 Customer Collateral Report: Regulated Clearing Agency also provides the regulators with information on the value of customer collateral received by a regulated clearing agency from each clearing intermediary. Earlier in 2021, all CSA jurisdictions (except the OSC) reduced the frequency of the requirement for regulated clearing agencies to deliver Form 94-102F3 from monthly to quarterly by way of parallel orders. The change in reporting frequency was made on the basis that the CSA would still be able to identify major changes in the derivatives clearing market and to identify customer collateral. The OSC instead made expedited amendments to NI 94-102, which had the same effect as the orders. The other CSA members are now proposing to also amend NI 94-102 to reduce the frequency of the requirement to deliver Form 94-102F3 in order to reflect the orders. Comments on the proposal are due by November 15.
October 29, 2021