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On November 10, 2011, the Quebec Minister for Finance introduced an amendment to Bill 7 presently before the Committee on Public Finance of the National Assembly which contemplates an amendment to the Derivatives Act (Quebec).
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On November 10, 2011, the Quebec Minister for Finance introduced
an amendment to Bill 7 presently
before the Committee on Public Finance of the National Assembly
which contemplates an amendment to the Derivatives Act
(Quebec). The intent of the proposed rule is to give more clarity
and certainty to the effectiveness of a contractual right of
set-off in respect of cash given as credit support in connection
with agreements including derivatives, securities lending and
repurchase agreements (as well as under related master agreements)
and dealings between a derivatives clear agency and its members. A
more in-depth note will follow next week.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
Stikeman Elliott is a global leader in Canadian business law and the first call for businesses working in and with Canada. We provide clients with the highest quality counsel, strategic advice, and creative solutions. Stikeman Elliott consistently ranks as a top law firm in our primary practice areas. www.stikeman.com
