For Immediate Release
November 26, 2020

Canadian securities regulators outline recent developments on interest rate benchmarks

Toronto – The Canadian Securities Administrators (CSA) today published a staff notice to ensure that market participants are aware of recent developments regarding interest rate benchmarks and can consider their impact.

On November 12, 2020, Refinitiv Benchmark Services (UK) Limited (RBSL), the administrator of Canadian Dollar Offered Rate (CDOR), announced that the six-month and 12-month tenors of CDOR will cease to be published effective May 17, 2021 (the effective date). The one, two and three-month tenors of CDOR will continue to be published after the effective date.

The staff notice also outlines international developments to replace key inter-bank offered rates (IBORs) with nearly risk-free reference rates (RFRs). In particular, the United Kingdom, the United States and other countries are currently working to replace the London inter-bank offered rate (LIBOR) with alternative RFRs before the end of 2021.

The CSA encourages market participants affected by these changes to make appropriate transition arrangements well in advance of the effective date of any change, to avoid potential business or market disruptions.

CSA Staff Notice 25-302 Matters Relating to CDOR, LIBOR and Other Interest Rate Benchmarks is available on CSA members’ websites

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For Investor inquiries, please refer to your respective securities regulator. You can contact them here

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca:

Kristen Rose
Ontario Securities Commission
416-593-2336

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Brian Kladko
British Columbia Securities Commission
(604) 899-6713

Theresa Schroder
Alberta Securities Commission
587-830-4286

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

Marissa Sollows
Financial and Consumer Services
Commission, New Brunswick
506 643-7853

David Harrison
Nova Scotia Securities Commission
902-424-8586

Steve Dowling
Office of the Superintendent of Securities,
Department of Justice and Public Safety,
Prince Edward Island
902-368-4550

Renée Dyer
Office of the Superintendent
of Securities,
Newfoundland and Labrador
709-729-4909

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466

Jeff Mason
Nunavut Securities Office
867-975-6591

Matthew F. Yap
Office of the Superintendent
of Securities
Northwest Territories
(867) 767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160