Canadian Securities Administrators Publish Model Provincial Rules – Derivatives: Product Determination And Trade Repositories And Derivatives Data Reporting

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I. INTRODUCTION -

On December 6, 2012, the Canadian Securities Administrators OTC Derivatives Committee (the “Committee”) published model provincial rules for a sixty (60) day comment period. The model rules include:

- Model Provincial Rules – Derivatives: Product Determination (the “Scope Rule”) and the Model Explanatory Guidance to Model Provincial Rule – Derivatives Product Determination; and

- Model Provincial Rule – Trade Repositories and Derivatives Data Reporting (the “TR Rule”) and the Model Explanatory Guidance to Model Provincial Rule – Trade Repositories and Derivatives Data Reporting.

Collectively, the Committee has referred to all of the above as the “Model Rules.”

In collaboration with the Canadian over-the-counter (“OTC”) Working Group, the Committee has published a series of derivatives consultation papers since November 2010 outlining policy recommendations for the regulation of OTC derivatives in Canada. The regulatory framework developed by the Canadian OTC Working Group will be implemented through provincial rules. The Model Rules have been drafted using the model of the Ontario Securities Act. The Committee indicates that subsequent model rules will be drafted based on other provincial statutes.

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Topics:  Canadian Securities Administration, Data Repositories, Derivatives, OTC

Published In: Administrative Agency Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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