Securities Law & Instruments

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CSA Staff Notice 93-301
Derivatives Business Conduct Rule – No Overlap with Derivatives Registration Rule Comment Period

June 15, 2017

On April 4, 2017, the Canadian Securities Administrators (the CSA or we) published for comment Proposed National Instrument 93-101 Derivatives: Business Conduct and Proposed Companion Policy 93-101 Derivatives: Business Conduct (collectively, the Business Conduct Rule). The comment period for the Business Conduct Rule will close on September 1, 2017.

We are also in the process of developing a proposed registration regime for derivatives dealers, derivatives advisers and potentially other derivatives market participants. We initially expected to publish Proposed National Instrument 93-102 Derivatives: Registration and a related companion policy (collectively, the Registration Rule) for comment during the consultation period for the Business Conduct Rule.

However, the Registration Rule is now scheduled to be published after September 1, 2017. The Business Conduct Rule comment period will thus no longer overlap with the Registration Rule comment period. We expect comments relating to the Business Conduct Rule to be sent in by the deadline date of September 1, 2017.

Once the Registration Rule is published, we will consider further comments on the Business Conduct Rule that may arise as a consequence of your review of the Registration Rule. These comments will be due by the expiry of the comment period for the Registration Rule.


Please refer your questions to any of the following:

Lise Estelle Brault
Co-Chair, CSA Derivatives Committee
Senior Director, Derivatives Oversight
Autorité des marches financiers
514-395-0337, ext. 4481

Kevin Fine
Co-Chair, CSA Derivatives Committee
Director, Derivatives Branch

Paula White
Deputy Director, Compliance and Oversight
Manitoba Securities Commission

Chad Conrad
Legal Counsel, Corporate Finance
Alberta Securities Commission

Michael Brady
Manager, Derivatives
British Columbia Securities Commission

Abel Lazarus
Senior Securities Analyst
Nova Scotia Securities Commission

Wendy Morgan
Senior Legal Counsel, Securities
Financial and Consumer Services Commission,
New Brunswick

Liz Kutarna
Deputy Director, Capital Markets, Securities Division
Financial and Consumer Affairs Authority of Saskatchewan