Canadian Securities Regulators Delay Implementation Of Derivatives Trade Reporting

Canadian securities regulators announced today that trade reporting requirements for over-the-counter (OTC) derivatives transactions that involve "local counterparties" in the provinces of Ontario, Québec and Manitoba will now commence on October 31, 2014. This new date will apply to trades to be reported by derivatives dealers and clearing agencies; reporting for such trades had been scheduled to commence on July 2, 2014. Other trade reporting deadlines will also shift as a result of today's announcement. Trades involving two end users (i.e., not involving a dealer or clearing agency) will now be subject to the reporting requirements commencing on June 30, 2015.

The remainder of this Osler Update outlines the current status of OTC derivatives regulatory reform in Canada, with an emphasis on the trade reporting rules.