The Canadian Securities Administrators (CSA) have announced amendments to National Instrument 94-102 Derivatives: Customer Clearing and Protection of Customer Collateral and Positions (NI 94-102) to reduce the frequency of the customer collateral reports that regulated clearing agencies must deliver to securities regulators in Canada.
Currently under NI 94-102, a regulated clearing agency that receives customer collateral must deliver Form 94-102F3 Customer Collateral Report: Regulated Clearing Agency to the applicable securities regulatory authority within 10 days of the end of each calendar month. Under the amendments, the delivery frequency will change from monthly to quarterly.
According to the CSA, reducing the frequency of the delivery requirement is a burden reduction initiative that will generate “time and cost savings for regulated clearing agencies, without compromising the CSA's ability to detect major changes in the derivatives clearing market and to ensure the proper identification of customer collateral and the clearing intermediaries, regulated clearing agencies and permitted depositories that hold it.”
The amendments will come into force on August 1, 2021.
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