The Canadian Securities Administrators published for comment a revised proposal related to the mandatory clearing of derivatives. Their initial proposal was published in February 2015. (Click here for details on CSA’s earlier proposal in the article, “Canadian Securities Regulators Seek Comment on Mandatory Swaps Clearing “ in the February 15, 2015 edition of Bridging the Week.) Among other things, CSA now proposes that mandatory clearing obligations only apply to participants that subscribe to the services of a regulated clearing agency for a mandatory clearable derivative (as well as their affiliated entities) in addition to local entities with in excess of CAD 500 billion of month-end gross notional amount of outstanding over-the-counter derivatives. CSA also proposes limiting mandatory clearable derivatives to certain specifically enumerated interest rate derivatives. CSA seeks comment on its revised proposal, as well as some specifically enumerated matters, including whether there might be any “significant consequences” that might arise from subjecting Canadian dollar-denominated [interest rate swaps] to mandatory clearing “absent a corresponding … mandate in one or more foreign jurisdictions.” Comments will be accepted through May 24, 2016.