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ARTICLE · 08 DECEMBER 2010

Getting on with OTC Derivatives Regulation – Ontario Adopts Comprehensive Derivatives Framework

Blake, Cassels & Graydon LLP
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Ontario has taken a very important step towards being ready to implement Canada’s G20 undertakings directed at regulating over-the-counter (OTC) derivatives trading, and more.

CanadaFinance and Banking
Stephen Ashbourne
Stephen Ashbourne
Aaron Palmer
Aaron Palmer
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Originally published in Blakes Bulletin on Securities Regulation, December 2010

Ontario has taken important steps towards implementing Canada's G20 undertakings by amending the Securities Act (Ontario) (the Act) to adopt a broad regulatory framework for over-the-counter (OTC) derivatives.

The landmark changes to the Act were enacted in December 2010. Some of the amendments came into force immediately (the Initial Changes), while the more comprehensive changes (the Pending Changes) will be effective when proclaimed in force by the Ontario government. When the Pending Changes are proclaimed, the Ontario Securities Commission (OSC) will take on very broad powers to regulate OTC trading to the extent that derivatives transactions, counterparties or reference underlying interests have a substantial connection to Ontario.

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