Effective October 31, 2014, provincial rules in Ontario,
Québec and Manitoba will require derivatives dealers and
clearing agencies to report OTC derivatives transactions that
involve "local counterparties" in the three provinces.
This Osler Update outlines the steps to take to comply with trade
reporting rules in the three provinces and provides an update on
other recent derivatives regulatory developments in Canada.
Compliance with Reporting Requirements
Step 1: Confirm Whether the Rules Apply to Your Derivatives
Trading Activity
Most OTC derivatives transactions involving a "local
counterparty" in the three provinces must be reported.
- The scope of reportable transactions is described in OSC Rule 91-506 – Derivatives:
Product Determination, with similar rules in
Québec and Manitoba. Most OTC derivatives
transactions, including interest rate swaps, equity swaps and
options, credit swaps, foreign exchange forwards and most
cash-settled commodity
