Further Thoughts On Final Rules On Trade Repositories And Data Reporting

As we discussed earlier this month, the Ontario Securities Commission recently published final rules dealing with the regulation of trade repositories, derivatives data reporting requirements and the scope of derivatives that will be subject to such reporting requirements.

The publication of the OSC's final rules is the latest step in efforts by provincial securities regulators to fulfill Canada's G-20 commitments to regulate OTC derivatives. To that end, the OTC Derivatives Committee of the Canadian Securities Administrators published model provincial rulesfor comment in December 2012, while Ontario Quebec and Manitoba each published proposed harmonized rules in June 2013. The OSC's final rules make non-material revisions to those published in June and are expected to come into force on December 31, 2013, but with staggered implementation of reporting obligations over the course of the following year.