Canada’s First Set Of Harmonized Derivatives Rules (Trade Reporting) Published By Three Provinces: Ontario, Quebec And Manitoba

As mandatory reporting of OTC derivative contracts to trade repositories (TRs) (one of the G20 commitments) takes effect globally, the Ontario Securities Commission (the "OSC"), the Quebec Autorité des marchés financiers (the "AMF") and the Manitoba Securities Commission (the "MSC") on November 14, 2013, simultaneously published the first province-specific set of harmonized derivatives rules (the "Rules") in Canada. In Ontario and Manitoba, they are titled as follows: OSC Rule 91-506 Derivatives: Product Determination and OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting; and MSC Rule 91-506 Derivatives: Product Determination and MSC Rule 91-507 Trade Repositories and Derivatives Data Reporting respectively. In Quebec, the Rules are Regulation 91-506 respecting Derivatives Determination and Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting.¹ The Rules take effect in Ontario, Quebec and Manitoba on December 31, 2013