ARTICLE · 03 NOVEMBER 2014

Legal Entity Identifiers Required For Derivatives Reporting As Of October 31

Stikeman Elliott LLP

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Notices now remind derivatives market participants of the imminent requirement to identify counterparties to a transaction by a Legal Entity Identifier (LEI).

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Stikeman Elliott LLP

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The Ontario Securities Commission, AMF and MSC have now released notices reminding derivatives market participants of the imminent requirement to identify counterparties to a transaction by a Legal Entity Identifier (LEI). The OSC further advises that "non-reporting counterparties should provide all relevant information to reporting counterparties under OSC Rule 91-507, including their LEI, to assist reporting counterparties in complying with their obligations". The obligations in Quebec and Manitoba are similar.

As we've recently discussed, trade reporting rules in Ontario Manitoba and Quebec will require reporting beginning October 31. The requirement to identify counterparties by an LEI will apply to all transactions for which the reporting counterparty is a derivatives dealer or recognized or exempt clearing agency.

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