TORONTO, Oct. 29, 2014 /CNW/ - The Ontario Securities Commission reminds derivatives market participants about the requirement to obtain a Legal Entity Identifier (LEI) under OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting.
OSC Rule 91-507 requires that reporting counterparties and designated trade repositories identify all counterparties to a transaction by an LEI. This requirement is effective on October 31, 2014 and is applicable for all transactions for which the reporting counterparty is a derivatives dealer or recognized or exempt clearing agency. Non-reporting counterparties should provide all relevant information to reporting counterparties under OSC Rule 91-507, including their LEI, to assist reporting counterparties in complying with their obligations.
The global LEI system is currently available and an LEI can be acquired by contacting one of the endorsed local operating units (LOUs) identified on www.leiroc.org.
Certain jurisdictions have legislative barriers including data protection laws, blocking statutes, state secrecy laws, and bank secrecy laws, which can prevent reporting of counterparty-identifying information to trade repositories. Reporting counterparties faced with this legal impediment should apply for exemptive relief from the OSC.
The OSC acknowledges that there may also be operational challenges, not related to legal impediments, in obtaining counterparty LEIs by October 31, 2014. In these situations, reporting counterparties should use best efforts to obtain counterparty LEIs as soon as possible.
OSC Rule 91-507 is part of the OSC's implementation of the G20 derivatives commitments.
SOURCE: Ontario Securities Commission
For further information: For Media Inquiries: [email protected]; Carolyn Shaw-Rimmington, Manager, Public Affairs, 416-593-2361; Follow us on Twitter: OSC_News; For Investor Inquiries: OSC Contact Centre, 416-593-8314, 1-877-785-1555 (Toll Free)