The Canadian Securities Administrators (CSA) announced Thursday its pushing back the deadline for complying with new rules that require central counterparty (CCP) clearing of over-the-counter derivatives, in anticipation of further changes to the rules.
Earlier this year, new rules took effect that introduce CCP clearing requirements. However, certain counterparties aren’t required to comply with the rule until Oct. 4.
In a notice, the CSA says that amendments to the CCP clearing rules may be necessary “to clarify” who must comply with the new requirements. “We anticipate publishing for comments proposed amendments to clarify the scope of the counterparties subject to the [rules],” the notice says.
While it formulates those changes, the CSA has decided to temporarily exempt counterparties that would be subject to requirements starting Oct. 4. The exemption would push back the deadline until Aug. 20, 2018 for those firms.
The temporary exemption does not affect firms that are already subject to the mandatory clearing requirements.