Members of the Canadian Securities Administrators published their proposal to protect customer collateral in connection with the clearing of over-the-counter derivatives. Proposed requirements address the collection and mandatory segregation of customer collateral; recordkeeping requirements; and restrictions on the use and investment of customer collateral. CSA’s proposal also provides a framework to encourage the transfer of customer positions and collateral in the case of an intermediary’s default or insolvency. CSA additionally recommends “substituted compliance in specified circumstances where a foreign entity is involved in a transaction and appropriate foreign laws apply.” Comments will be accepted by each CSA member through April 19, 2016. CSA, made up of securities regulators of Canada’s provinces and territories, coordinates and harmonizes capital markets regulation in Canada.