The Ontario Securities Commission recently announced that amendments to National Instrument 24-102 Clearing Agency Requirements have now been approved by Ontario's Minister of Finance. The amendments, which were first published for comment by the Canadian Securities Administrators in October 2018, were adopted by the Canadian Securities Administrators earlier this year.
Ultimately, the amendments are intended to enhance the operational system requirements of recognized clearing agencies by, among other things: (i) adding explicit requirements regarding cyber resilience controls and the reporting of security breaches; (ii) improving consistency of the rules with similar provisions in National Instrument 21-101 Marketplace Operation that are also coming into effect; and (iii) incorporating the latest work of the Committee on Payments and Market Infrastructures of the Bank for International Settlements and the International Organization of Securities Commissions (CPMI-IOSCO) relevant to the Canadian market.
Originally published 03 July, 2020
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