Ontario Securities Commission

Amendments to Ontario Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting

On July 29, 2016, amendments to Ontario Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting became effective under the Securities Act.

The purpose of Ontario Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting is to improve transparency in the derivatives market and to ensure that designated trade repositories operate in a manner that promotes the public interest. Derivatives data is essential for effective regulatory oversight of the derivatives market, including the ability to identify and address systemic risk and the risk of market abuse. Derivatives data reported to designated trade repositories will also support policy-making by providing regulators with information on the nature and characteristics of the Canadian derivatives market.

The amendments alleviate the burden of reporting obligations for local counterparties who are end-users engaging in derivatives transactions with their affiliates located within Canada and internationally. The amendments also clarify the requirement for local counterparties, other than individuals, to obtain and maintain a legal entity identifier, if eligible, to promote data standardization. Further, the amendments modify the effective date and requirements for the public dissemination of transaction-level data requirement on designated trade repositories in order to promote increased transparency in the Canadian over-the-counter derivatives market while aiming to preserve the anonymity of counterparties.

The full text of the amendments is available in the Ontario Securities Commission’s Bulletin at (2016) 39 OSCB 4517and on the Commission’s website at www.osc.gov.on.ca.

(149-G443)