Effective June 5, 2016, changes to the Quebec Derivatives
Regulation (QDR) came into force. The changes:
Expand the scope of the standardized
derivatives exemption, such that it now affords relief from both
the registration as well as qualification requirements of the
Quebec Derivatives Act (QDA).
Streamline the training, education
and experience requirements of advising representatives, associate
advising representatives or chief compliance officers of
derivatives portfolio managers at the time of their derivatives
registration with the Quebec Autorité des marchés
Increase the information that
qualified persons or persons applying for qualification must send
to the Authority and to their counterparties. This information
includes the requirement for qualified persons to send to their
counterparties the percentage of client accounts that were
profitable in the previous fiscal year.
Although the proposed regulation originally contemplated
imposing new certification and record-keeping requirements for
hedgers, these changes were not brought forward in the amendment
package as adopted. The Authority has indicated that it is
reconsidering its approach as a result of industry feedback, and
intends to publish a new proposed amendment to the QDR later this
year. For further discussion of the original proposals, please see
our February 2016 Blakes Bulletin: Proposed Changes to Quebec Derivatives
Regulation Will Impact Dealers, Advisers and Hedgers.
The regulatory change is concurrent with the revocation of a
2009 blanket decision of the Authority which, as a transitional
measure, had afforded relief from both the registration and the
qualification requirements of the QDA for activities with
accredited investors involving specified futures and options.
Importantly, the 2009 blanket decision applied regardless of where
the derivatives were primarily offered. While QDR amendments
brought into force on June 5, 2016, fill a gap in the standardized
derivatives exemption by providing that it covers both registration
as well as qualification requirements, that exemption will
nonetheless continue to be restricted to exchange-traded
derivatives offered primarily outside Quebec. This means that
market participants whose activities with Quebec-based clients
involve futures or options listed on the Montréal Exchange,
who could previously benefit from the relief in the 2009 blanket
decision, must now be registered in Quebec as a derivatives dealer
or must have made the necessary changes to their systems and
procedures so that affected trades are made through a Quebec
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