When you trade OTC derivatives with Canadian banks or asset managers, the counterparty's location and type tell you which side reports the trade, whether it must be cleared, and whether the counterparty exchanges collateral.

Where Canada's derivatives regulation stands

Securities and derivatives regulation in Canada rests with the securities regulators of the provinces and territories. The regulation imposes conduct rules on derivatives dealers and similar firms, and clearing and trade reporting on local counterparties. Margin for uncleared trades is not set by a securities regulator's rule. A guideline of the federal Office of the Superintendent of Financial Institutions (OSFI) requires it of banks and similar institutions.

The 13 regulators form the Canadian Securities Administrators, which writes rules coordinated nationwide1.

Governing rules and supervisors

The Ontario Securities Commission (OSC) in Ontario, the Autorité des marchés financiers (AMF) in Québec, and the British Columbia Securities Commission (BCSC) in British Columbia are provincial authorities. Each province and territory adopts the rules that the Canadian Securities Administrators publish through its own legislative process. In Ontario, the Minister of Finance approves the rules and amendments that the OSC makes, and they take effect on the date announced2.

The form of the rules differs by region. Ontario, Manitoba, and Québec each have their own rules on the scope of derivatives and on trade reporting. The remaining provinces and territories use a common Multilateral Instrument (MI)3. The Manitoba rules are made by the Manitoba Securities Commission (MSC).

Subject Ontario Manitoba Québec Remaining provinces and territories
Scope of derivatives OSC Rule 91-506 MSC Rule 91-506 Regulation 91-506 respecting Derivatives Determination MI 91-101
Trade reporting OSC Rule 91-507 MSC Rule 91-507 Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting MI 96-101

NI 93-101 (conduct), NI 94-101 (clearing obligation), and NI 94-102 (customer clearing) take the form of National Instruments (NI) that are common nationwide. Within their text, the rules in the table above apply in Ontario, Manitoba, and Québec, and the definition in MI 91-101 applies in the remaining provinces and territories4.

Rule Content In force (Ontario)
OSC Rules 91-506 and 91-507 Scope of derivatives; trade reporting December 31, 20135
NI 94-101 Clearing obligation April 4, 20176
NI 94-102 Customer clearing and protection of collateral July 3, 20177
NI 93-101 Conduct rule September 28, 20248
Amendments to OSC Rule 91-507 Review of reported data elements and deadlines July 25, 20259
Amendments to NI 94-101 Review of the products subject to clearing March 25, 202610

The content is based on the following versions. NI 94-101 is the unofficial consolidation current to January 19, 2026. NI 93-101 is current to February 20, 2025, OSC Rule 91-507 to July 25, 2025, and NI 94-102 to September 13, 2023. OSC Rule 91-506 is the consolidation of April 30, 2015, and OSFI's Guideline E-22 is the version dated April 30, 2020.

Scope of derivatives and conduct rules

Scope of derivatives

The definition of "derivative" is in each province's securities legislation. The product determination rules decide which contracts that meet the definition are not treated as derivatives11. Ontario's OSC Rule 91-506 removes the following contracts from the definition12.

Excluded contract Main conditions
Gaming contracts Contracts under gaming control legislation (of Canada or certain foreign jurisdictions)
Insurance and annuity contracts Contracts with a licensed insurer that are regulated as insurance
Purchase and sale of currency Intended to settle by delivery within 2 business days, and cannot be rolled over
Commodity contracts with physical delivery Intended to settle by delivery, and cannot be replaced by cash settlement
Evidence of deposit Issued by a bank under the Bank Act and similar institutions
Contracts traded on an exchange Traded on a recognized or exempt exchange, or an exchange regulated by an IOSCO MMoU signatory

The exchange in the last row does not include a derivatives trading facility.

Short-term currency trades are treated separately in the conduct rule, NI 93-101. The rule covers a dealer that is a Canadian financial institution, if its month-end gross notional amount has exceeded 500 billion13 at least once since NI 93-101 came into force. For this dealer, the provisions on fair dealing, conflicts of interest, complaint handling, and compliance also apply to short-term FX in the institutional FX market14.

Dealer registration and conduct rules

Whether registration is required is decided by each province's securities legislation. A person or company that trades or advises on securities or derivatives as a business, or holds itself out as doing so, must register unless an exemption applies15. NI 93-102, a registration rule specific to derivatives, was proposed in April 2018. As of October 23, 2026, the NI 93-102 documents on the OSC website are the 2018 publication notice and the transcript of a roundtable held that year16.

NI 93-101 is the conduct rule for derivatives dealers and derivatives advisers. It applies whether or not they are registered, and it covers federally regulated Canadian financial institutions as well. Québec places the definitions of dealer and adviser in its Derivatives Act17.

Counterparties are divided into eligible derivatives parties and others, and the obligations differ. Eligible derivatives parties include Canadian financial institutions, the Business Development Bank of Canada, registered dealers and advisers, and pension funds regulated by OSFI or a provincial authority18.

Counterparty Main obligations
Eligible derivatives party (general) Fair dealing, managing conflicts of interest, knowing the counterparty, handling complaints, no coercive tied selling
Eligible derivatives party (trade and internal) Delivering trade confirmations, segregating the counterparty's assets, compliance systems, designating a senior derivatives manager, reporting material non-compliance, records
Non-eligible counterparty The above, plus understanding needs and objectives, suitability, conditions for referral arrangements, relationship and pre-transaction disclosure, daily valuations

An individual and a business that hedges its commercial risk (a commercial hedger) can be eligible derivatives parties. The dealer's obligations fall away only when that counterparty provides a written statement waiving the rule's protections19.

The rule does not apply in the following four main cases20.

  • A person or company other than a registered one is exempt from the rule if all of the following apply. It does not transact with or advise non-eligible counterparties. It does not regularly make markets or intermediate. It does not facilitate clearing for others. Facilitating clearing even once removes the exemption.
  • A dealer with its head office in a country listed in Appendix A of NI 93-101 is exempt from the rule under two conditions. Its local counterparties are only eligible derivatives parties, and it is registered or otherwise authorized in that country. Japan is among the countries in Appendix A, so a dealer with its head office in Japan is also exempt if it meets these conditions.
  • A dealer that is a Canadian financial institution is exempt from the provisions listed in Appendix C of NI 93-101 if it follows the corresponding conduct provisions of its prudential regulator. It must also notify the authority of material non-compliance.
  • A dealer that does not transact with non-eligible counterparties is exempt from the rule if its month-end gross notional amount, together with its affiliates, has not exceeded 250 million in the previous 24 months. The provisions on fair dealing, conflicts of interest, and delivery of trade information still apply.

British Columbia words some of the exclusions and exemptions differently21.

Clearing obligation and clearing houses

Clearing obligation

NI 94-101 requires a Canadian local counterparty to submit certain derivatives to a clearing house22. A local counterparty is a non-individual organized under the laws of the jurisdiction, or with its head office or principal place of business there. It also includes an affiliate whose liabilities are substantially all borne by such a person.

Submission is required when each of the two counterparties meets one of the following conditions23.

  • It is a participant of a clearing house and uses the clearing service for that class.
  • It is an affiliate of a participant, and its average month-end gross notional amount exceeds 1 billion in the March to May before the year in which the trade is made (September 1 to August 31 of the following year).
  • It is a local counterparty in Canada. Its month-end gross notional amount over the previous 12 months, together with its local affiliates, exceeds 500 billion, and its average in the same March to May also exceeds 1 billion.

A party that does not meet the first condition but meets the third need not submit trades made before the 90th day after the end of the month in which it first exceeded the threshold.

The deadline for submission is the end of the day of execution. For a trade executed after the clearing house's business hours, it is the end of the next business day24. Clearing houses are covered on the Central Counterparties: JSCC, LCH, CME and Others page.

The obligation does not apply in the following cases25.

  • A trade to which any of the following is a party: a government, a state-owned enterprise whose liabilities the government bears, a central bank such as the Bank of Canada, the Bank for International Settlements (BIS), or the IMF.
  • A trade between affiliates that has a risk management program and a written agreement.
  • A trade resulting from multilateral portfolio compression by an independent third party, where the original trades were not cleared.
  • A trade cleared under EU, UK, or US law by a party that is a local counterparty only because a Canadian parent bears its liabilities.

The amendments published on September 25, 2025 replaced the types covered to fit the benchmarks that followed LIBOR. They removed the classes that reference CDOR, which ceased publication on June 28, 2024, and those that reference USD LIBOR, GBP LIBOR, and EONIA. They added classes that reference replacement benchmarks, as shown in the table below26.

The products covered in Appendix A of NI 94-101 are as follows27.

Type Benchmark or index Currency or region Maturity
Fixed-to-float swap EURIBOR Euro 28 days to 50 years
Fixed-to-float swap BBSW Australian dollar 28 days to 30 years
Basis swap EURIBOR Euro 28 days to 50 years
OIS CORRA Canadian dollar 7 days to 30 years
OIS FedFunds US dollar 7 days to 3 years
OIS SOFR US dollar 7 days to 50 years
OIS €STR Euro 7 days to 3 years
OIS SONIA Pound sterling 7 days to 50 years
FRA EURIBOR Euro 3 days to 3 years
CDS index CDX.NA.IG North America 5 and 10 years (Series 47 onward)
CDS index CDX.NA.HY North America 5 years (Series 47 onward)
CDS index iTraxx Europe Europe 5 years (Series 46 onward)
YesNoIs the derivative a typein Appendix A of NI94-101?Not coveredYesNoIs a Canadian localcounterparty involved?Not coveredNoYesDoes an exemption apply(government, affiliate,compression, foreignlaw)?Not coveredYesNoDoes each party meet oneof the 3 clearingconditions?Not coveredSubmission for clearingbecomes required
Figure 1Test for whether the clearing obligation applies
Figure description

The questions run through the type, the location of the parties, the exemptions, and the parties' conditions, in that order. Only the exemption question leads to "Not covered" on "Yes", and the others lead there on "No". A trade that passes all four questions must be submitted for clearing. The 3 conditions are in the Clearing obligation section above. The condition question asks about the position after the 90-day grace period of the third condition has passed.

NI 94-102 requires a clearing intermediary to protect its customers. It must segregate the customers' positions and collateral from its own property and that of others. It must also hold customer collateral in accounts at a permitted depository that are identified as holding customer collateral. A clearing house also segregates customers' positions and collateral from its own property. For customers that clear through an indirect intermediary, a mechanism is also needed to transfer them to another intermediary if the intermediary defaults28.

Oversight of clearing houses

The Bank of Canada designates and oversees financial market infrastructures that can pose systemic risk, under the Payment Clearing and Settlement Act. As of its 2025 annual report (March 2026), the derivatives clearing houses among the designated systems are the following two29.

System Operator Designation Trades cleared
CDCS Canadian Derivatives Clearing Corporation (CDCC) 2012. Systemically important Montréal Exchange derivatives, certain fixed-income securities, repos, and OTC equity derivatives
SwapClear LCH Limited 2013. Systemically important OTC interest rate derivatives such as interest rate swaps (several currencies, including the Canadian dollar)

CDCC is a wholly owned subsidiary of the Montréal Exchange and the clearing house for exchange-traded derivatives in Canada30. CDCC is also recognized and regulated by the AMF and the OSC29.

The OSC divides clearing houses into those it recognizes and those it exempts from recognition. On the OSC website as of October 23, 2026, four clearing houses are recognized in Ontario: the Canadian Depository for Securities Limited, CDCC, FundSERV Inc., and LCH Limited31. The exempt clearing houses include Chicago Mercantile Exchange Inc., ICE Clear Credit LLC, Eurex Clearing AG, and the Japan Securities Clearing Corporation (JSCC)32.

Trade reporting

In Ontario, trade data is reported to a trade repository. On the OSC website as of October 23, 2026, the OSC has designated the following four33.

  • KOR Reporting Inc.
  • Chicago Mercantile Exchange Inc.
  • "DTCC Data Repository (U.S.) LLC"
  • ICE Trade Vault, LLC

OSC Rule 91-507 was retitled "Derivatives: Trade Reporting" by its amendments. It aligns with internationally harmonized data elements (such as the UTI and UPI) and limits Canada-specific elements to five. The OSC published the amendments in coordination with the amendments to the Manitoba and Québec rules and to MI 96-10134.

The reporting counterparty is determined in order by the type of trade35.

Order Trade Reporting counterparty
1 A trade cleared by a clearing house The clearing house
2 An uncleared trade between dealers that are parties to the ISDA multilateral agreement The dealer determined by that agreement's method
3 A trade between a dealer that is a financial entity and a dealer that is not The dealer that is a financial entity
4 A trade between dealers that are financial entities Both
5 A trade between a dealer and a party that is not a dealer The dealer
6 A trade that none of the above covers The party designated in a written agreement made before or at the time of the trade
7 Any other trade Each local counterparty

The reporting deadline depends on the type of reporting counterparty36. When the reporting counterparty is a dealer, a clearing house, or an affiliate of either, it reports creation data in real time. If that is not technologically practicable, the deadline is the end of the next business day. Lifecycle event data is reported by the end of that business day. Other reporting counterparties report by the end of the second business day after execution. Dealers and clearing houses also report valuation data and collateral and margin data every business day.

A reporting counterparty that reports a trade in error reports the error to the repository by the end of the business day after discovery. A local counterparty that is not the reporting counterparty and finds an error or omission in the data also informs the reporting counterparty by the end of the next business day. Dealers and clearing houses verify the reported data for errors and omissions every 30 days. Dealers that use the small-scale exemption in NI 93-101 verify it every quarter37.

Some trades need not be reported. They are as follows38.

  • A commodity derivative of a local counterparty that is not a dealer, clearing house, or affiliate of either. Its aggregate month-end gross notional amount must have stayed at or below 250 million throughout the previous 12 months.
  • A trade between affiliates, when neither is a dealer, a clearing house, or an affiliate of either.
  • A trade between a non-resident dealer and a party that is not a local counterparty, except when an individual resident in Ontario is a party.

Margin for uncleared trades

The Canadian Securities Administrators have not made a margin rule for uncleared OTC derivatives. In CSA Staff Notice 95-301 of August 2019 they decided to delay proposing a rule, and in 95-302 of April 2021 they decided to delay it further41. The OSC's list of rules and policies does not contain a margin rule either42.

OSFI is the federal agency that regulates and supervises federal financial institutions and pension plans. The OSFI Act lists, among OSFI's objects, supervising financial institutions' soundness and their compliance with legislation and supervisory requirements43.

Margin requirements are imposed by OSFI's Guideline E-22 on federally regulated financial institutions, such as banks, foreign bank branches, trust and loan companies, and insurance companies. The guideline sets minimum standards based on the BCBS-IOSCO framework44. The international standard is covered on the BCBS-IOSCO Margin Requirements for Uncleared Derivatives page. The main rules of the guideline dated April 30, 2020 are as follows45.

Item The guideline's rule
Trades covered Derivatives that are not cleared. Physically settled FX forwards and FX swaps are excluded
Counterparties covered A financial entity whose group's notional amount of uncleared derivatives exceeds 12 billion on average at the end of March, April, and May
Excluded Sovereigns, central banks, public sector entities, some multilateral development banks, the BIS, clearing houses; intragroup trades
Variation margin The full mark-to-market amount
Initial margin The threshold is at most 75 million at the consolidated group level. Two-way
Minimum transfer amount At most 750,000 for initial and variation margin combined
Calculation and exchange Calculated and called within 2 business days of execution, then daily. Exchanged within 2 business days after each call
Initial margin calculation A standardized schedule or an internal model. A model uses a one-tailed 99% confidence level over a horizon of at least 10 days
Start Phased in from September 1, 2016. From September 1, 2022, the 12 billion level applies
Newly covered counterparty Margin is exchanged from September 1 of that year. Trades made before that date are not covered

The guideline's addressees are federally regulated financial institutions. They check whether the counterparty is covered before trading. A counterparty that is not federally regulated becomes a party to a margin exchange if it meets the conditions for coverage46. For a trade with a foreign counterparty, a federally regulated institution is deemed to comply if it follows the foreign jurisdiction's margin rules. It must also hold documentary evidence that they are comparable to the BCBS-IOSCO framework47.

Worked examples

The following examples use invented trades. Actual outcomes depend on the terms of the transaction and on how the authorities apply the rules.

Consider a hypothetical example in which Bank C and Company D, both with head offices in Ontario, enter into a 7-year CORRA OIS. Bank C and Company D are both clearing house participants and use the clearing service for CORRA OIS. The trade falls within the CORRA OIS in Appendix A of NI 94-101 (7 days to 30 years). Both are local counterparties, and neither is a government or central bank. Because both meet the participant condition, they must submit the trade to the clearing house by the end of the day of execution (by the end of the next business day if after business hours).

Now suppose that, in the same trade, Company D is an operating company that is neither a clearing house participant nor an affiliate of a participant. Its notional amount falls far short of 500 billion, so Company D meets none of the three conditions. Only Bank C, a clearing house participant, meets a condition. The requirement that both meet one is not satisfied, so the trade is not subject to the clearing obligation.

Suppose Bank C (a dealer that is a financial entity) and Company D (not a dealer) enter into an uncleared interest rate swap in Ontario. The trade falls under row 5 of the reporting counterparty table, so Bank C is the reporting counterparty. Bank C reports creation data in real time and also reports valuation and collateral data every business day. If Company D finds an error in the reported information, it informs Bank C by the end of the next business day.

Suppose Company D is an asset manager. Its group's uncleared derivatives had an average notional amount of 15 billion at the end of March, April, and May of a given year. Company D is a financial entity with an average above 12 billion, so it is a covered counterparty under E-22. Bank C, which is regulated by OSFI, also exchanges margin on its trades with Company D from September 1 of that year if its own group's average also exceeds 12 billion. Trades made before September 1 are not subject to the guideline.

Checking location and class, and keeping records

A counterparty is checked on two points: location and class. Location decides whether it is a local counterparty for reporting and clearing. Class decides whether it is an eligible derivatives party under the conduct rule. Under Ontario's reporting rule, a dealer that trades derivatives as a business in Ontario is also a local counterparty48.

Record retention periods differ by rule49.

Rule Records kept Period
OSC Rule 91-507 Records of trades reported by the reporting counterparty 7 years after the trade expires or terminates
NI 94-101 Records showing that the clearing exemption conditions were met (by a local counterparty that relied on the exemption) 7 years after expiry or termination (8 years in Manitoba)
NI 93-101 Records under the conduct rule 7 years from creation (8 years in Manitoba)

What this page does not cover

The provisions of Québec's Derivatives Act and Regulations, the provisions of Manitoba's rules, the text of MI 91-101 and MI 96-101, and the exemption details in British Columbia's conduct rule are not covered on this page.

Public dissemination of trade data and provision of data to authorities are not covered on this page. Neither are the regulation of trading facilities and of the Montréal Exchange, eligible collateral and haircuts under E-22, the calculation of the standardized schedule, OSFI's capital rules, and penalties and enforcement.

Notes

  1. OSC "Domestic engagement" (external site), the "Canadian Securities Administrators (CSA)" item. It describes the CSA as a forum of the securities regulators of the 13 provinces and territories. ↩

  2. The notice of ministerial approval (external site) is under section 143.3 of the Securities Act (Ontario), and the notice of coming into force of NI 93-101 (external site) is under section 143.4 of the same Act. ↩

  3. NI 94-101 (external site), section 1(4) and section 2. For reporting, the "Canadian Trade Reporting Rules" paragraph of the OSC's publication notice for the amendments (external site). ↩

  4. NI 94-101 (external site), section 1(4) and section 2. NI 93-101 (external site), section 3, and NI 94-102 (external site), section 2, take the same form. ↩

  5. "Background" of the OSC's publication notice for the amendments (external site). It states that the rules took effect on December 31, 2013. ↩

  6. NI 94-101 (external site), section 14(1). ↩

  7. NI 94-102 (external site), section 50. ↩

  8. NI 93-101 (external site), section 53(1), and the OSC's notice of coming into force (external site). ↩

  9. The OSC's notice of coming into force (external site). It states that the amendments come into force on July 25, 2025. ↩

  10. The notice of ministerial approval (external site). It states approval on November 21, 2025, and effect on March 25, 2026. ↩

  11. Companion Policy 91-506CP (external site), Part 1 "Introduction" (terms have the meaning in securities legislation). ↩

  12. OSC Rule 91-506 (external site), section 2(1)(a) to (g) and section 2(2). Currency is paragraph (c), and exchanges are paragraph (g). ↩

  13. NI 93-101 (external site), section 4(1), writes amounts with a dollar sign, as in "$500 000 000 000". The amounts here, including those from NI 94-101 (external site), OSC Rule 91-507 (external site), and OSFI's Guideline E-22 (external site), follow the sources' dollar-sign notation, and the sources do not specify the currency. ↩

  14. NI 93-101 (external site), section 4(1) and (2) (sections 9, 10, and 12 and Division 1 of Part 5). ↩

  15. The CSA's publication notice (external site), Annex B, "CSA Response" (registration requirements are in securities legislation and are judged by the "business trigger"). ↩

  16. The list of documents on the OSC's NI 93-102 page (external site). There are two: the publication notice of April 19, 2018 and the roundtable transcript of September 20, 2018. ↩

  17. NI 93-101 (external site), section 2 and the definitions of "derivatives dealer" and "derivatives adviser" in section 1(1) (paragraph (b) for Québec). The "Structure of the Instrument" section of the CSA's publication notice (external site) says that federal financial institutions are also covered. ↩

  18. NI 93-101 (external site), section 1(1), "eligible derivatives party", paragraphs (a), (b), (d), and (e). ↩

  19. NI 93-101 (external site), section 8(1) to (3). The obligations in section 8(3) remain even for eligible derivatives parties. ↩

  20. NI 93-101 (external site), section 38(1)(a) to (e) and (2); section 39 and Appendix A (including Japan); section 42; and section 44(1). Paragraphs (c) and (d) carry a "regularly" qualifier, and paragraph (e), on facilitating clearing, does not. ↩

  21. NI 93-101 (external site), section 6(2), section 38, section 39(1.1), and section 42(2). ↩

  22. NI 94-101 (external site), section 3(1) and the definitions of "local counterparty" and "mandatory clearable derivative" in section 1(1). ↩

  23. NI 94-101 (external site), section 3(1)(a) to (c) and "reference period" in section 1(1). Section 3(2) excludes, for a party that does not meet paragraph (a) but meets paragraph (c), trades executed before the 90th day after the end of the month in which the paragraph (c) threshold was first exceeded. ↩

  24. NI 94-101 (external site), section 3(3). ↩

  25. NI 94-101 (external site), section 6(a) to (f), sections 7 and 8, section 3(5), and Appendix B (EU, UK, and US). ↩

  26. The CSA's publication notice (external site), "Substance and purpose". The effective date is in the notice of ministerial approval (external site). ↩

  27. NI 94-101 (external site), Appendix A. This is the consolidation current to January 19, 2026, which reflects the 2025 amendments. ↩

  28. NI 94-102 (external site), sections 3, 4, 29, and 47. ↩

  29. The Bank of Canada's 2025 annual report (external site), "Regulatory framework" and Table 1. That CDCC is regulated by the AMF and the OSC is in footnote 2. ↩ ↩2

  30. CDCC "About CDCC" (external site), "About CDCC". ↩

  31. OSC "Recognized clearing agencies" (external site). ↩

  32. OSC "Exempted clearing agencies" (external site). ↩

  33. OSC "Trade repositories" (external site), "Designated trade repositories". ↩

  34. "Substance and Purpose" and "Canadian Trade Reporting Rules" of the OSC's publication notice for the amendments (external site). The retitling is in the text of the amendments in the notice of coming into force (external site). ↩

  35. OSC Rule 91-507 (external site), section 25(1) and (2). The ISDA multilateral agreement is in section 25(3)(b). ↩

  36. OSC Rule 91-507 (external site), sections 31 and 32 and section 33(1), and the definition of "qualified reporting counterparty" in section 1(1). ↩

  37. OSC Rule 91-507 (external site), section 26.1 (frequency of verification), section 26.2 (errors in reporting), and section 26.3(1) (notice of errors and omissions). ↩

  38. OSC Rule 91-507 (external site), sections 40, 41.1, and 41.2. ↩

  39. OSC Rule 91-507 (external site), section 29(2)(a) to (d), (6), and (8). ↩

  40. OSC Rule 91-507 (external site), section 28.1 (LEI) and section 30(1) (UPI). ↩

  41. CSA Staff Notice 95-302 (external site), "Background" and "Plan for Implementation of Margin Requirements". ↩

  42. The OSC's list of rules and policies (external site), documents numbered 95 (95-301, 95-302, and 95-401). ↩

  43. The OSFI Act (external site), section 3.1 and section 4(2)(a). ↩

  44. OSFI's Guideline E-22 (external site), the opening description, paragraphs 1, 2, 12, and 20, and footnote 1. ↩

  45. OSFI's Guideline E-22 (external site), paragraphs 2 to 4, 15, 20, 22, 25 to 26, 29, 31 to 33, 43, and 70 to 71. ↩

  46. OSFI's Guideline E-22 (external site), paragraph 14. ↩

  47. OSFI's Guideline E-22 (external site), paragraphs 11 and 18. ↩

  48. OSC Rule 91-507 (external site), section 1(1), "local counterparty", paragraph (b). ↩

  49. OSC Rule 91-507 (external site), section 36(1); NI 94-101 (external site), section 9; and NI 93-101 (external site), section 36(1). ↩