On May 24, the Canadian Securities Administrators (CSA) published for comment proposed changes to National Instrument 21-101 - Marketplace Operation (NI 21-101) that, if adopted, will introduce posttrade transparency requirements for government debt securities, expand transparency requirements for corporate debt securities, and align the posttrade transparency regimes for government and corporate debt securities. The new requirements will apply to any person or company trading in corporate or government debt securities. 

The CSA also recommends that the Investment Industry Regulatory Organization of Canada (IIROC), which currently serves as the information processor (IP) for corporate debt securities trades, become the IP for trades in government debt securities. Initially, IIROC would disseminate information about trades in government securities executed by dealers, marketplaces, interdealer bond brokers, and Schedule I, II and III banks. The proposed reforms will be implemented in stages, with the first phase commencing on April 1, 2019 and uniform posttrade transparency for corporate and government debt securities being achieved by December 31, 2019. Comments on the proposed rules are due by August 29, 2018.