EU Added To Substituted Compliance Provision Under Canadian Trade Reporting Rules

On May 14, 2015, the OSC announced  that the amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting have received Ministerial Approval and are therefore effective as of April 30, 2015.  The European Union derivatives reporting rules now officially joins the reporting rules of the CFTC as "equivalent reporting obligations" for the purposes of the exemption. Under this "limited" substituted compliance provision, the exemption is only available where the transaction is reportable solely because a counterparty to the transaction is a registered derivatives dealer in Ontario or a guaranteed affiliate of a "local counterparty". The amendments also postpone to July 29, 2016 the requirement that designated trade repositories publicly disseminate transaction-level data. Transaction-level data reporting had been scheduled to come into force on April 30, 2015.  For further information, please consult our previous post on the subject.