The Ontario Securities Commission, Quebec's Autorité des marchés financiers and the Manitoba Securities Commission have each published proposed harmonized rules that would require, among other things, that all over-the-counter derivative transactions be reported to trade repositories. The proposals would also define the types of derivatives subject to reporting requirements and attempt to enhance transparency and promote the effective regulation of trade repositories.

While the proposals in each jurisdiction are based on the draft model rules released by the CSA in December 2012, modifications were made to, among other things, clarify the treatment of physical commodities, limit the definition of "local counterparty" and clarify the reporting and recordkeeping requirements.

Meanwhile, those jurisdictions that require the implementation of legislative amendments before publishing province-specific rules, namely B.C., Alberta, Saskatchewan, Nova Scotia and New Brunswick, have published an updated version of the model rules that are substantially similar to those discussed above. While the various proposals have been published separately, regulators intend the rules that are ultimately adopted to be substantially harmonized across all jurisdictions. Comments on these additional proposals are also being accepted until September 6.

For more information, see proposed OSC Rule 91-506 Derivatives: Product Determination and OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting, Quebec's Regulation 91-506 respecting Derivatives Determination and Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting, Manitoba's MSC Rule 91-506 Derivatives: Product Determination and Rule 91-507 Trade Repositories and Derivatives Data Reporting and Multilateral CSA Staff Notice 91-302.