As the Canadian Rewrite go-live date approaches on July 25th, 2025, firms must be well-prepared to comply with the new rules introduced by the Canadian Securities Administrators (CSA). This comprehensive initiative aims to better align Canadian regulations with global standards, ensuring a more cohesive and efficient regulatory environment.
Related: Navigating the UK EMIR Refit
One of the most significant changes is the introduction of new data elements unique to Canadian reporting, including the requirement to report Unique Product Identifiers (UPI). This change will also necessitate a thorough review of eligibility rules and thresholds, as well as the harmonization of reporting with global jurisdictions through the adoption of the Common Data Elements (CDE) standards.
The new error and omission requirements will also have a substantial impact on post-submission processes and controls making it essential for firms to establish robust mechanisms to manage these challenges.
DTCC Consulting Services is poised to assist firms in navigating these changes. With a team of trade and transaction reporting specialists who bring decades of experience managing reporting programs across major regimes, DTCC offers invaluable support. Their expertise in data mapping, testing, and go-live support, as well as their deep understanding of post-submission processes, positions them as a key partner for firms during this transition.
In supporting clients through previous rewrites, we have seen common themes such as the adoption of CDE standards, where we have helped firms with data mapping and requirements across various regimes like the EMIR refit, the CFTC and APAC rewrites. Our experience in testing and go-live support allows us to leverage past lessons learned to ensure a smooth transition. Additionally, we have implemented post-submission processes, including error and omission management, with various clients, providing insights into the processes firms are leaning towards.
Regardless of where firms stand in their journey, DTCC Consulting Services can provide comprehensive support throughout the entire lifecycle of the implementation. From interpretation and impact assessment to testing, go-live support, and remediation activities, our services are designed to ensure a smooth and compliant transition to the new regulatory framework.
For firms seeking further discussion on the impacts of the Canadian Rewrite or requiring support with their implementation programs, DTCC Consulting Services is ready to assist.