DTCC Data Repository (U.S.) LLC – s. 42 of the OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting
Headnote
DTCC Data Repository (U.S.) LLC (DDR) was granted relief until March 31, 2015 from subsection 39(1) of OSC Rule 91-507 which requires a designated TR to provide to the public on a periodic basis aggregate data on open positions, volume, number, and where applicable price, relating to the transactions reported to it. This relief was extended to June 2, 2015 on a partial basis.
Applicable Legislative Provision
OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting, ss. 39(1), 42
VARIATION OF DIRECTOR'S EXEMPTION
IN THE MATTER OF THE SECURITIES ACT, R.S.O. 1990, CHAPTER S.5, AS AMENDED (THE ACT) AND IN THE MATTER OF DTCC DATA REPOSITORY (U.S.) LLC
DECISION (Section 42 of OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting)
DECISION (Section 42 of OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting)
WHEREAS the Ontario Securities Commission (Commission) issued an order (Designation Order) dated September 19, 2014 pursuant to section 21.2.2 of the Act designating DTCC Data Repository (U.S.) LLC (DDR) as a trade repository in Ontario;
AND WHEREAS pursuant to its designation as a trade repository under section 21.2.2 of the Act DDR is subject to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (OSC Rule 91-507) and the terms and conditions of its designation order;
AND WHEREAS an application was made by DDR to the Director in connection with its application for designation seeking exemption from the requirements under each of subsections 4(1), 5(1), 17(5), 20(2), 20(4), 20(5) and 39(1) of OSC Rule 91-507;
AND WHEREAS, the Director was satisfied that it would not be prejudicial to the public interest to exempt DDR from the requirements under each of subsections 4(1), 5(1), 17(5), 20(2), 20(4), 20(5) and 39(1) of OSC Rule 91-507 and, pursuant to section 42 of OSC Rule 91-507, issued a decision dated September 19, 2014 exempting DDR from these requirements (Exemption Decision), attached as a schedule to the Designation Order;
AND WHEREAS the exemption granted in respect of subsection 39(1) of OSC Rule 91-507 with respect to creating and making available to the public aggregate data on volume, number (of transactions) and, where applicable, price, relating to the transactions reported to it is temporary and will terminate on March 31, 2015 unless varied by a decision of the Director;
AND WHEREAS DDR has made an application pursuant to section 42 of OSC Rule 91-507 requesting that the Director vary the Exemption Decision in order to extend DDR's temporary exemption from the requirements under subsection 39(1) of the Act in order to accommodate the additional time required by DDR to develop the appropriate capabilities to deliver public reports which are responsive to complexities with respect to how data is currently reported to DDR by market participants;
AND WHEREAS the Director has considered DDR's application and other factors;
AND WHEREAS the Director has determined that it is not prejudicial to the public interest to issue a decision to vary the Exemption Decision, in part, to extend DDR's temporary exemption from the requirements under subsection 39(1) of OSC Rule 91-507 in respect of making available to the public aggregate data on number of transactions;
IT IS THE DECISION of the Director that, pursuant to section 42 of Rule 91-507, the Exemption Decision be varied by replacing the reference to "March 31, 2015" with "June 2, 2015" in respect of making available to the public aggregate data on number of transactions.
DATED March 31, 2015.