Ontario Securities Commission Seeks Comment on Derivatives: Product Determination and Derivatives Trade Repositories and Data Reporting Rules

TORONTO, June 6, 2013 /CNW/ - The Ontario Securities Commission (OSC) today published for comment OSC Rule 91-506 Derivatives: Product Determination and OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting.  These rules will implement Canada's G-20 commitment to require all OTC derivative transactions to be reported to trade repositories and will provide the OSC with an essential tool to identify and address systemic risk and market abuse.

Specifically, the proposed OSC Rules:

  • define the types of contracts or instruments that are required to be reported to a trade repository;
  • establish requirements for the operation of trade repositories; and,
  • establish requirements for transaction data reporting.

In December 2012, the Canadian Securities Administrators (CSA) published for comment model rules relating to the reporting of derivatives transactions to trade repositories.  Informed by the comments received, the CSA developed updated model rules and today, the OSC published Ontario-specific rules based on those updated model rules, that will greatly enhance transparency in the over-the-counter derivatives market.

The comment period on the proposed rules closes September 6, 2013 and the document is available on the OSC's website: www.osc.gov.on.ca.

SOURCE: Ontario Securities Commission

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