Montréal - The Autorité des marchés financiers ("AMF") has announced proposals to amend Regulation 91-506 respecting Derivatives Determination, Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting and to their respective policy statements.

In accordance with G-20 commitments, the amendments pertaining to the public dissemination of data aim to foster increased transparency in the Canadian over-the-counter ("OTC") derivatives market and promote data standardization, while preserving the anonymity of counterparties. Oversight of the derivatives market thus continues to be a priority of the AMF ever since the implementation of the Derivatives Act in 2009.

Other proposed amendments are:

  • Broadening the concept of affiliated person to include trusts and partnerships;
  • Alleviating, on certain conditions, the burden of reporting obligations for some counterparties engaging in derivatives transactions with affiliates;
  • Introducing the requirement for local counterparties to obtain a legal entity identifier This link will open in a new window ("LEI"), if eligible.

To help establish a harmonized regulatory framework with respect to derivatives and ensure the effective implementation of regulations, the Ontario Securities Commission and the Manitoba Securities Commission, as part of the work carried out by the Canadian Securities Administrators, are also proposing similar amendments to their existing regulations.

The AMF has submitted its proposed amendments for comment as part of a 90-day consultation period that will end on February 3, 2016.

The Autorité des marchés financiers ("AMF") is the regulatory and oversight body for Québec's financial sector.

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