Ontario, Manitoba And Quebec Adopt Useful Amendments To The Trade Reporting Rules

The anticipated amendments to the rules on reporting derivatives data in Ontario, Quebec and Manitoba are expected to come into force on July 29, 2016.  Highlights of the final amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting; MSC Rule 91-507 Trade Repositories and Derivatives Data Reporting include:

• Exempting inter-affiliate trades from reporting (and not just those between "local" counterparties)
• Pushing back the effective date for requiring trade repositories to publicly report derivatives data to January 16, 2017
• Simplifying the timing convention used for releasing derivatives data publicly: it's now 48 hours after execution of the trade