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ARTICLE · 30 JUNE 2014

Canadian Derivative Trade Reporting Rules Further Amended

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With just four months to go before derivative trade reporting is required in some of the provinces of Canada, the OSC released a second set of amendments.

CanadaFinance and Banking

With just four months to go before derivative trade reporting is required in some of the provinces of Canada, the Ontario Securities Commission (the Commission) released a second set of amendments on June 26, 2014 to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (the Trade Reporting Rule) that will, among other things, allow parties to designate a single reporting party for dealer to dealer trades and for non-dealer to non-dealer trades. It is expected that the trade reporting rules in the other provinces will include similar provisions. The amendments to the Trade Reporting Rule, if approved by the Minister of Finance, will come into force September 9, 2014.

As part of ongoing Canadian and international over-the-counter (OTC) derivatives reform, the Commission enacted the Trade Reporting Rule on December 31, 2013 in order to regulate and oversee trade repositories and mandate derivatives data reporting requirements by counterparties to

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