Model Behaviour: Canadian Regulators Release Model Rules For Derivatives Product Determination, Trade Repositories And Data Reporting

Article by Shahen A. Mirakian and Ryan Walker, Student-at-Law

On December 6, 2012, the Canadian Securities Administrators OTC Derivatives Committee (the "CSA Committee") published CSA Staff Consultation Paper 91-301 Model Provincial Rules – Derivatives: Product Determination and Trade Repositories and Derivatives Data Reporting. The consultation paper delineates the scope of the contracts and instruments that must be reported to trade repositories (the "Scope Rule") and sets out requirements for the designation and operation of trade repositories and the mandatory reporting of derivatives trade data (the "TR Rule").

The TR Rule is based on the recommendations relating to derivatives trade repositories and reporting set out in CSA Consultation Paper 91-402 – Derivatives: Trade Repositories ("CSA Paper 91-402").¹ The Scope Rule was initiated as a result of comments by interested parties indicating a need for a uniform definition of "derivative" for