| Clearing House | AMF 1 | OSC 2 | ASC 3 | MSC 4 | BCSC5 | FCAA Saskatchewan6 |
New Brunswick 7 | Nova Scotia 8 | Yukon9 | Newfoundland & Labrador10 | Nunavut 11 | NW Territories 12 | PEI 13 |
| Chicago Mercantile Exchange Inc (CME) | Exempt | Exempt | Exempt | Exempt4 | n/a | n/a 6 | n/a 7 | n/a | n/a | n/a | n/a | n/a | n/a |
| Eurex Clearing AG | Exempt | Exempt | n/a | Exempt4 | n/a | n/a 6 | n/a 7 | n/a | n/a | n/a | n/a | n/a | n/a |
| ICE Clear Credit LLC | n/a* | Exempt | n/a | Exempt4 | n/a | n/a 6 | n/a 7 | n/a | n/a | n/a | n/a | n/a | n/a |
| LCH Limited | Recognized | Recognized | n/a | Exempt4 | n/a | n/a 6 | n/a 7 | n/a | n/a | n/a | n/a | n/a | n/a |
| LCH SA | Exempt | Exempt | n/a | Exempt4 | n/a | n/a 6 | n/a 7 | n/a | n/a | n/a | n/a | n/a | n/a |
Relevant Rules
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Several Canadian provincial derivatives reporting rules (examples below) include the definition of “Reporting clearing agency/Reporting clearing house” that talks about an “undertaking” or “written undertaking” provided to the regulator (see below underlined). |
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* AMF 91-507 Section 25.(1): “reporting clearing house” means: (a) a person recognized, or exempted from the recognition requirement, as a clearing house by the Authority under the Act; or (b) a clearing house that submitted an undertaking accepted by the Authority to act as the reporting counterparty for the purposes of fulfilling the reporting obligation under this Regulation. |
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* MSC 91-507 Section 25.(1): "reporting clearing agency" means either of the following: (a) a person or company recognized or exempted from recognition as a clearing agency under securities legislation in the local jurisdiction; (b) a clearing agency that has provided a written undertaking to the regulator or securities regulatory authority to act as the reporting counterparty with respect to transactions cleared by it that are subject to the reporting obligations under this Instrument. |
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* MI 96-101 Section 25.(1) “reporting clearing agency”2 means either of the following: (a) a person or company recognized or exempted from recognition as a clearing agency under securities legislation; [or] (b) a clearing agency that has provided a written undertaking to the regulator or securities regulatory authority to act as the reporting counterparty with respect to derivatives cleared by it that are subject to this Instrument. |
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* OSC 91-507 Section 25.(1) does not have this provision. |
Sources
| AMF: | https://lautorite.qc.ca/en/professionals/market-structures/clearing-houses |
| OSC: | https://www.osc.ca/en/industry/market-regulation/clearing-agencies-and-clearing-houses |
| ASC: | https://www.asc.ca/en/registrant-and-market-regulation/exchanges-alternative-trading-systems-clearing-agencies-trade-repositories-information-processors |
| MSC: | https://mbsecurities.ca/market-oversight/oversight/sro-and-clearing-agencies.html |
| Manitoba has a blanket exemption from the clearing agency recognition requirement still in effect (Blanket Order #6859, as amended by Order #7135). Until it expires all clearing agencies that are carrying on business in Manitoba are considered “exempt” and thus would be the "reporting clearing agency". Order #7135 provides that " …the requirement for a Clearing Agency to be recognized by the Commission to carry on business in Manitoba contained in section 31.7 of the Act, does not apply to a Clearing Agency provided that the Clearing Agency is in compliance with the laws of the jurisdiction in which it is located to carry on business as a clearing agency, and is operating in compliance with The Principles for Financial Market Infrastructures (“PFMIs”) which were issued jointly by the International Organization of Securities Commissions and The Committee on Payment and Settlement Systems on April 16, 2012. " (e.g. an exemption from the Manitoba clearing agency recognition obligation applies), https://docs.mbsecurities.ca/msc/oe/en/item/110272/index.do | |
| BCSC: | https://www.bcsc.bc.ca/industry/marketplaces-sros-clearing-agencies/market-infrastructure |
| Saskatchewan | https://fcaa.gov.sk.ca/regulated-businesses-persons/businesses/securities-industry-participants/securities-laws/general-orders/recognition-approval-and-designation-orders |
| https://fcaa.gov.sk.ca/regulated-businesses-persons/businesses/securities-industry-participants/securities-laws/general-orders/general-exemption-orders | |
| Saskatchewan provides link to "Memorandum of Understanding Respecting the Oversight of Clearing Agencies, Trade Repositories and Matching Service Utilities" https://fcaa.gov.sk.ca/regulated-businesses-persons/businesses/securities-industry-participants/securities-laws/memoranda-of-understanding/memorandum-of-understanding-respecting-the-oversight-of-clearing-agencies-trade-repositories-and-matching-service-utilities | |
| New Brunswick: | https://www.fcnb.ca/en/securities/sros-and-other-regulated-entities/clearing-agencies |
| New Brunswick provides link to "Memorandum of Understanding Respecting the Oversight of Clearing Agencies, Trade Repositories and Matching Service Utilities - 3 December 2015" https://www.fcnb.ca/sites/default/files/inline-files/CSA-Oversight-MOU-re-CAs--TRs-and-MSUs-2015-10-27--FINAL-FOR-PUBLICATION---w.pdf | |
| Nova Scotia: | http://nssc.novascotia.ca/ |
| Yukon: | http://www.community.gov.yk.ca/corp/securities_about.html |
| https://yukon.ca/en/specific-yukon-superintendent-of-securities-orders-and-registrar-corporations-approvals | |
| https://yukon.ca/en/view-yukon-blanket-orders-under-securities-act | |
| Newfoundland & Labrador: | https://www.gov.nl.ca/dgsnl/securities/ |
| https://www.gov.nl.ca/dgsnl/securities/recognition-orders/ | |
| https://www.gov.nl.ca/dgsnl/securities/approval-orders/ | |
| https://www.gov.nl.ca/dgsnl/securities/notices/ | |
| Nunavut: | http://www.gov.nu.ca/ |
| NW Territories: | https://www.justice.gov.nt.ca/en/divisions/legal-registries-division/securities-office/ |
| PEI: | https://www.princeedwardisland.ca/en/information/justice-and-public-safety/securities-law-and-policy-documents-not-numbered |
| https://www.princeedwardisland.ca/en/information/justice-and-public-safety/securities-law-and-policy | |
| https://www.princeedwardisland.ca/en |