Derivatives End-Users Granted Interim Relief From Trade Reporting Obligations For Inter-Affiliate Transactions

Trade reporting obligations take effect in Ontario, Quebec and Manitoba (Applicable Provinces) on June 30, 2015 and will require over-the-counter (OTC) derivatives transactions between "End-Users" to be reported if either or both of the parties is a "local counterparty" in any of the Applicable Provinces. The term "End-User" refers to counterparties to OTC derivatives transactions that are not "derivatives dealers" (generally defined as persons engaged in the business of dealing in derivatives as principal or agent in the relevant province), recognized clearing agencies or, in Manitoba and Quebec, Canadian financial institutions (collectively, Non-End-Users). Non-End-Users have been subject to these reporting obligations since October 31, 2014.