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James Langton
With the scandal-ridden LIBOR facing its imminent demise, Canadian securities regulators are introducing a regime to regulate financial benchmarks in Canada and proposing similar rules for commodity benchmarks.
The Canadian Securities Administrators (CSA) adopted rules today (April 29) that establish a regime for overseeing the creation, operation and use of financial benchmarks, effective July 13.
The move to regulate financial benchmarks in Canada and elsewhere comes in the wake of widespread market manipulation, largely centred on various LIBOR benchmarks. While efforts were made to rehabilitate LIBOR, it’s now in the process of being phased out.
Historically, benchmarks have not been formally regulated in Canada, but regulators were prompted to action by the LIBOR scandal which alerted them to the risk of manipulation and investor harm.
Canadian Securities Regulators Establish Regulatory Regime For Financial Benchmarks Date
29/04/2021
The securities regulatory authorities of British Columbia, Alberta, Saskatchewan, Ontario, Québec, New Brunswick, and Nova Scotia today adopted final rules to establish a Canadian regulatory regime for financial benchmarks.
“With the adoption of these rules, the public can be confident that Canadian financial benchmarks remain robust, reliable, and aligned with international standards,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers.
Currently, there are no formal securities regulatory requirements or oversight in Canada for benchmarks, and those that administer them, contribute data used to determine them or use them. The rules published today provide a comprehensive regime for the designation and regulation of benchmarks, as well as persons or companies that administer them. Additionally, the rules provide a framework fo
James Langton
With the scandal-ridden LIBOR facing its imminent demise, Canadian securities regulators are introducing a regime to regulate financial benchmarks in Canada and proposing similar rules for commodity benchmarks.
The Canadian Securities Administrators (CSA) adopted rules today (April 29) that establish a regime for overseeing the creation, operation and use of financial benchmarks, effective July 13.
The move to regulate financial benchmarks in Canada and elsewhere comes in the wake of widespread market manipulation, largely centred on various LIBOR benchmarks. While efforts were made to rehabilitate LIBOR, it’s now in the process of being phased out.
Historically, benchmarks have not been formally regulated in Canada, but regulators were prompted to action by the LIBOR scandal which alerted them to the risk of manipulation and investor harm.
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