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ARTICLE · 15 JULY 2014

More Amendments, Less Harmony?: Canadian Regulators Propose Amendments To OTC Derivatives Trade Reporting Rules

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The OSC published Rule 91-507 Trade Repositories and Derivative Data Reporting along with the Companion Policy, which came into effect on December 31, 2013.

CanadaFinance and Banking
Shahen Mirakian
Shahen Mirakian
Ehsan Wahidie
Ehsan Wahidie
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On November 14, 2013, the Ontario Securities Commission (the OSC) published OSC Rule 91-507 Trade Repositories and Derivative Data Reporting (the TR Rule) along with the OSC Companion Policy 91-507CP Trade Repositories and Derivative Data Reporting (the Companion Policy), which came into effect on December 31, 2013.1 Simultaneously, the Manitoba Securities Commission (the MSC) and the Autorité des Marchés Financiers (the AMF) published local versions of the TR Rule and Companion Policy which were substantially identical to the Ontario version of the TR Rule and Companion Policy.

Subsequently, on April 17, 2014, the OSC and the MSC published amendments to the TR Rule and Companion Policy, to respond to concerns from market participants and delay the effective date for reporting and to remove the local counterparty fallback provisions.2 The AMF adopted some of these changes by way of blanket exemption decision 2014-PDG-0051 (the Blanket Exemption), which delayed the

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