Canadian Securities Regulators Seek Comment on Derivatives Rules Relating to Product Determination and Trade Repositories and Data Reporting

Securities CSA

Toronto - Members of the Canadian Securities Administrators (CSA) today published for comment proposed provincial rules and updated model rules relating to the reporting of derivatives transactions to trade repositories. Together, the publications aim to achieve a harmonized derivatives trade reporting regime across Canada.

Informed by comments received on CSA Staff Consultation Paper 91-301, published in December 2012, the CSA has developed updated model rules. Today, the Autorité des marchés financiers, the Manitoba Securities Commission and the Ontario Securities Commission are publishing harmonized province-specific rules based on the updated model rules.

Other jurisdictions, including the Alberta Securities Commission, the British Columbia Securities Commission, the New Brunswick Securities Commission and the Nova Scotia Securities Commission, require legislative amendments to be implemented before publishing province-specific rules. These jurisdictions, along with the Financial and Consumer Affairs Authority of Saskatchewan, are today publishing a Multilateral Staff Notice together with the updated model rules.

"It is intended that there will be the greatest degree of harmonization possible among all Canadian jurisdictions in respect of derivative rules, even though they will be based on local statutes," said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. "This publication includes rules classified as either province-specific or model for the reason that necessary supporting legislation is presently in place in some jurisdictions but not others."

The comment periods for each of the proposed province-specific rules and the updated model rules are the same and all comments received will be considered before any amendments are made to any of the rules. When final amendments are made, the intention is that each province will publish substantially similar final province-specific rules or multilateral instruments resulting in harmonized requirements applicable across the country.

The province-specific rules and the updated model rules can be found on the respective jurisdiction websites.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

Carolyn Shaw-Rimmington
Ontario Securities Commission

Mark Dickey
Alberta Securities Commission

Sylvain Théberge
Autorité des marchés financiers

Richard Gilhooley
British Columbia Securities Commission

Ainsley Cunningham
The Manitoba Securities Commission

Wendy Connors-Beckett
New Brunswick Securities Commission

Tanya Wiltshire
Nova Scotia Securities Commission

Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan

Janice Callbeck
The Office of the Superintendent of Securities, P.E.I.

Doug Connolly
Financial Services Regulation Division of Newfoundland and Labrador

Rhonda Horte
Office of the Yukon Superintendent of Securities

Louis Arki
Nunavut Securities Office

Donn MacDougall
Northwest Territories Securities Office