TORONTO, Nov. 14, 2013 /CNW/ -The Ontario Securities Commission (OSC)
today published OSC Rule 91-506 Derivatives: Product Determination and OSC Rule 91-507 Trade Repositories (TR) and Derivatives Data Reporting (DR), the first set of harmonized derivatives rules which intend to bring
greater transparency to the OTC derivatives market and pave the way for
This marks one of the most important elements of OTC derivatives reform.
The reporting of derivatives transactions to trade repositories will
give the OSC access to data that will facilitate market surveillance
and shed light on the nature and key characteristics of the Canadian
derivatives market. This information will assist the OSC in developing
a strong derivatives oversight regime.
"The first set of harmonized derivatives rules represents an important
milestone for OTC derivatives reform. These rules will provide the OSC
with the right tools to better monitor the derivatives market, address
systemic issues before they become significant and protect investors,"
said Howard Wetston, Q.C., Chair and CEO of the OSC. "We are
delivering on our G-20 commitments and have harmonized these rules at
both the international and local level."
The TR and DR rules take effect December 31, 2013 and the reporting
requirements will begin July 2, 2014.
The OSC is committed to guiding market participants through the
transition to the new rules and will hold an educational seminar on
January 15, 2014 to ensure that market participants are prepared to
meet their reporting obligations. Further details on the seminar will
be announced in the coming weeks.
The Autorité des marchés financiers and the Manitoba Securities
Commission also published harmonized province-specific rules today.
The OSC rules 91-506 and 91-507 can be found on the OSC's website at www.osc.gov.on.ca.
SOURCE: Ontario Securities Commission
For further information:
For Media Inquiries:
Manager, Public Affairs
Senior Media Relations Specialist
Media Relations Specialist
Follow us on Twitter: OSC_News
For Investor Inquiries:
OSC Contact Centre
1-877-785-1555 (Toll Free)