CANADA: Canadian Securities Regulators Implement Derivatives Reporting Rules

Monday January 25 2016

Securities regulators in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan and Yukon (the participating jurisdictions) have announced the implementation of new Multilateral Instruments 91-101 Derivatives: Product Determination and 96-101 Trade Repositories and Derivatives Data Reporting. Together, these instruments form a derivatives reporting regime that is substantively harmonized with regimes in effect in Manitoba, Ontario, Québec and internationally.

The instruments establish rules governing the reporting and collection of over-the-counter (OTC) derivatives data. This will improve the regulatory oversight of the OTC derivatives market, which includes the ability to identify and address systemic risk and the risk of market abuse.

In developing these instruments, the participating jurisdictions considered the OTC derivatives reporting rules in effect in Manitoba, Ontario and Québec, comments provided in response to request for comments published by Alberta, British Columbia, New Brunswick, Nova Scotia and Saskatchewan in January 2015, and additional input provided by market participants.

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