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ARTICLE · 21 NOVEMBER 2013

The Last Word On Reporting: Final Ontario Rules With Respect To Trade Reporting Released

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On November 14, 2013, the Ontario Securities Commission (the OSC) published the final version of the first set of harmonized rules solely aimed at the regulation of over-the-counter (OTC) derivatives in Ontario.

CanadaFinance and Banking
Shahen Mirakian
Shahen Mirakian
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Co-author: Money Khoromi, student at law

On November 14, 2013, the Ontario Securities Commission (the OSC) published the final version of the first set of harmonized rules solely aimed at the regulation of over-the-counter (OTC) derivatives in Ontario. OSC Rule 91-506 Derivatives: Product Determination (the Scope Rule) and OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (the TR Rule) together with the companion policies for both these rules (collectively the Rules), which come into force on December 31, 2013, are aimed at increasing transparency in the OTC derivatives market.

Key dates

The Rules were provided to the Minister of Finance (the Minister) for approval on October 17, 2013. Should the Minister approve the Rules, or take no further action by December 16, 2013, the Scope Rule and provisions of the TR Rule related to the designation and ongoing obligations of trade repositories will come into force on December 31, 2013. This staggered

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