Canada

Bank of Canada cannot take primary responsibility for sustaining financial stability. Reuters reported on Bank of Canada Deputy Governor Timothy Lane’s comments that central bank policy cannot take the primary responsibility for maintaining financial stability. (2/8/2016) Reuters.

OSC publishes Summary of Key Capital Raising Prospectus Exemptions in Ontario. The Ontario Securities Commission (OSC) has published The Summary of Key Capital Raising Prospectus Exemptions in Ontario, which provides an overview of key capital raising prospectus exemptions in Ontario that were amended or introduced as a result of the OSC’s broad review of the exempt market regulatory regime beginning in 2011.OSC summary. (1/28/2016)

CSA publishes updated list of current exempt market initiatives. Members of the Canadian Securities Administrators (CSA) have published or adopted a series of significant initiatives related to prospectus exemptions. (1/28/2016) CSA Staff Notice 45-314.

Ontario nominates new Chair and CEO of OSC. Ontario nominated Maureen Jensen as the new Chair and Chief Executive Officer of the OSC, subject to review by the Standing Committee on Government Agencies. Ms. Jensen has been the OSC’s Executive Director and Chief Administrative Officer since 2011. (1/26/2016) OSC press release.

Canadian securities regulators seek comment on rules protecting customer collateral for cleared derivatives. Members of the CSA published for comment Proposed National Instrument 94-102 Derivatives: Customer Clearing and Protection of Customer Positions and Collateral and its companion policy for a 90-day comment period. The proposed instrument sets out requirements for the treatment of customer collateral, record-keeping and disclosure for clearing intermediaries and regulated clearing agencies providing clearing services for over-the-counter (OTC) derivatives. The purpose of the proposed instrument is to ensure that the clearing of customer OTC derivatives transactions will be carried out in a manner that protects customers’ collateral and positions and to improve clearing agencies’ resilience to default by a clearing intermediary. (1/21/2016) OSC press release.