Regulatory Alerts2023-02-23
CSA Staff Notice 25-309: Matters Relating to Cessation of CDOR and Expected Cessation of Bankers’ Acceptances
Staff of the Canadian Securities Administrators issued this notice to alert market participants to the cessation of the Canadian Dollar Offered Rate (CDOR) on June 28, 2024, and the expected related end of Bankers’ Acceptances issuance. The document outlines the transition to alternative rates such as CORRA and Term CORRA, requiring robust fallback language in new and existing instruments to mitigate disruption. It further mandates that certain regulated entities maintain written transition plans and encourages early applications for exemptive relief for alternative investment products replacing Bankers’ Acceptances.
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