Regulatory Alerts2020-06-19
Regulation 24-102 Respecting Clearing Agency Requirements
The securities regulatory authority in Québec issues Regulation 24-102 to establish comprehensive requirements for the recognition, exemption, and ongoing operation of clearing agencies. The regulation mandates that recognized clearing agencies comply with specific Principles for Financial Market Infrastructures (PFMI) and adhere to strict governance standards, including the appointment of independent board members and chief risk and compliance officers. It further imposes rigorous obligations regarding the filing of audited financial statements, the notification of significant operational or fee changes, and the maintenance of robust operational risk and default management frameworks.
Share