OSC Amends Trade Repositories and Derivatives Data Reporting Rule

TORONTO – The Ontario Securities Commission (OSC) published today amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (TR Rule).The amendments extend the effective date of reporting obligations under the TR Rule and alleviate certain reporting burdens on Ontario non-dealer counterparties.

On April 10, 2014, the CSA announced intentions to extend the July 2, 2014 date for the commencement of OTC derivatives trade reporting.  Accordingly, today’s Notice amends the effective date of reporting obligations under the TR Rule to October 31, 2014 for clearing agencies and dealers, and to June 30, 2015 for all other OTC derivatives market participants.

The extension will provide additional time for trade repositories engaged in the designation or recognition process to accept market participants onto their systems and develop the reporting infrastructure necessary to comply with the rule.  The Autorité des marches financiers and the Manitoba Securities Commission published related Notices today.

The OSC has also repealed the TR Rule requirement for Ontario non-dealer counterparties to monitor and confirm that transaction reporting requirements have been satisfied by their foreign dealer reporting counterparties.  The OSC understands there are significant resource and technological challenges for non-dealer counterparties in developing systems to monitor their counterparties’ reporting, and this amendment serves to alleviate this burden on smaller end-user counterparties.  

The OSC remains committed to guiding market participants through the transition to the TR Rule and to developing a strong derivatives oversight regime for Ontario’s capital market.

Today’s amendments do not represent a material substantive change and, consequently, are not required to be published for public comment.

The amendments can be found on the OSC’s website at www.osc.ca.

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