US Department of Labor proposes retirement fund fee guide. The US Department of Labor published for comment a proposal that would require pension plan service providers to furnish pension plan fiduciaries with a guide to assist them in understanding pension plan fee disclosure documents. Comments should be submitted within 90 days after publication in the Federal Register. (3/11/2014) Department of Labor press release.
Three Canadian provincial regulators adopt trade reporting obligations. The International Swaps and Derivatives Association advised that Canada’s Ontario Securities Commission, the Manitoba Securities Commission and the Autorité des marchés financiers have each published Rule 91-507 requiring “reporting counterparties” to report certain derivatives data to “designated” or “recognized” trade repositories with respect to transactions involving “local counterparties.” In these three jurisdictions, for trades involving a “clearing agency” or a dealer, trade reporting begins on July 2, 2014, and, for trades that do not involve such entities, on September 30, 2014. (3/14/2014) ISDA notice.
OSC adopts new enforcement initiatives. Canada’s Ontario Securities Commission announced that its staff is proceeding with four enforcement initiatives: a new program to facilitate the settlement of appropriate enforcement cases where the respondent does not make formal admissions respecting misconduct (sometimes referred to as no-contest settlements); a new program for explicit no-enforcement action agreements; a clarified process for self-reporting under the staff’s credit for cooperation program; and enhanced public disclosure by the staff of credit granted to persons for cooperation during enforcement investigations. (3/11/2014) OSC press release.