The Derivatives Act authorizes the Autorité des marchés financiers to make regulations governing derivatives markets, including requirements for mandatory central counterparty clearing. These provisions are designed to mitigate systemic risk by requiring certain standardized over-the-counter derivatives to be cleared through recognized central counterparties, thereby reducing counterparty credit risk and increasing market transparency. The Act also establishes a structured regulatory process that includes public consultation, ministerial oversight, and formal publication before regulations come into force.

Regulation 94-101 sets out the detailed rules governing which derivatives must be centrally cleared, which entities are subject to clearing obligations, and how those obligations apply. Since its adoption, the regulation has formed a core component of Québec’s derivatives regulatory regime and has operated alongside similar frameworks adopted by other Canadian jurisdictions through coordinated regulatory efforts.

The amendments approved by Ministerial Order 2025-19 were initiated by the Autorité des marchés financiers in response to the need to update and refine the existing clearing regime. While the order itself does not restate the technical content of the amendments, it confirms that the Autorité followed the required statutory process.

These amendments are intended to reinforce Québec’s commitment to maintaining a robust, risk-sensitive regulatory environment for derivatives markets. Mandatory central counterparty clearing remains a key tool for managing systemic risk, particularly in markets characterized by complex financial instruments and interconnected participants. Regulatory updates are necessary to reflect changes in market structure, international regulatory expectations, and clearing infrastructure.

The amended regulation will come into force in accordance with the applicable publication provisions, either upon its appearance in the Gazette officielle du Québec or on a later date specified within the regulation itself. Market participants subject to Regulation 94-101 are expected to review the amendments carefully and ensure continued compliance with updated clearing requirements.

Ministerial Order 2025-19 is considered a procedural step in the evolution of Québec’s derivatives regulatory framework, confirming the authority of the Autorité des marchés financiers to adapt clearing rules as needed while ensuring transparency, accountability, and ministerial oversight in the regulatory process.

Quebec (19/2025) December 16, 2025
Disclaimer: Insights are for informational purposes only and does not reflect RRI’s official position or constitute legal opinion.