The Ontario Securities Commission (OSC) has proposed amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (OSC 91-507).   Among other matters, the proposed amendments to OSC 91-507:

  • Eliminate the derivatives data reporting obligations if (a) the transaction is between affiliated companies; (b) each counterparty is a  local counterparty; and (3)  none of the counterparties is a derivatives dealer or recognized or exempt clearing agency or an affiliate of a derivatives dealer or recognized or exempt clearing agency;
  • Reduce certain reporting obligations of local counterparties that engage in derivatives transactions with foreign affiliates where the reporting is done in compliance with certain equivalent trade reporting law provided none of the counterparties is a derivatives dealer or recognized or exempt clearing agency; and
  • Modify the requirements for public dissemination of transaction-level derivatives data to address certain anonymity concerns.

The OSC has issued the amendment for comment.  The comment period expires February 3, 2016.

Similar amendments were proposed by the securities regulators in Quebec and Manitoba to their derivatives data reporting rules.

For further updates on derivatives data reporting, please see our bulletin Update on Derivatives Data Reporting.