Regulatory Alerts2021-04-29
CSA Notice of Publication: Regulation 25-102 respecting Designated Benchmarks and Benchmark Administrators
The Canadian Securities Administrators have adopted Regulation 25-102 to establish a comprehensive regulatory regime for designated benchmarks, administrators, contributors, and users in response to international misconduct and IOSCO principles. The initial designation targets the Canadian Dollar Offered Rate (CDOR) and its administrator, Refinitiv Benchmark Services, to ensure market integrity and continuity while seeking equivalence recognition from the EU and UK under their respective benchmark regulations. Although the Canadian Overnight Repo Rate Average (CORRA) is not currently designated due to Bank of Canada administration, the framework allows for future designations on public interest grounds to maintain access for international market participants.