Proposed Rules On Trade Repositories And Trade Data Reporting

Following up on our recent post, below is a more detailed review of the draft rules proposed by several Canadian securities commissions with respect to trade repositories and derivatives data reporting. Specifically, the Ontario Securities Commission, Quebec's Autorité des marchés financiers and the Manitoba Securities Commission published individual proposals, while those jurisdictions that require the implementation of legislative amendments before publishing province-specific rules, namely B.C., Alberta, Saskatchewan, Nova Scotia and New Brunswick, published an updated Model Rule.

Ultimately the proposals take into account many of the comments made earlier this year on the Canadian Securities Administrators' Draft Model Rules, including those made by ISDA. The redrafted rules are much improved, but some issues remain.