ASC And Other Securities Regulators Issue Limited Blanket Relief From Certain Derivatives Trade Reporting Requirements

The securities regulatory authorities in Alberta, New Brunswick, Nova Scotia and Saskatchewan are providing discretionary relief  from certain requirements Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting (MI 96-101).  Blanket Order 96-501 Relief from Certain Derivatives Reporting Requirements (Blanket Order 96-501) exempts reporting counterparties from some requirements of MI 96-101 where reporting counterparties are unable to obtain certain information from their counterparties and where foreign laws prevent or hinder reporting.

Under Blanket Order 96-501, a reporting counterparty is exempted from:

• the data reporting requirement if, among other conditions, the reporting counterparty does not receive information to allow it to determine whether the non-reporting counterparty is a local counterparty (other than a derivatives dealer);