Implementing the Volcker rule. According to CNBC, the Federal Reserve Board may delay by at least one year the implementation date for the Dodd-Frank Act’s Volcker rule, which prohibits depository banks from engaging in proprietary trading (11/17/2013) Delay. DealBook discussed some of the issues that the regulators charged with implementing the rule must resolve. It noted that a final version is likely to include a provision requiring a bank’s CEO to attest that the firm is not engaged in proprietary trading. (11/7/2013). Issues. Reuters reported that CFTC Chairman Gary Gensler will soon circulate among his fellow Commissioners draft rules implementing the Volcker rule. (11/18/2013)
SEDAR transition delay. The Canadian Securities Administrators announced a delay in the implementation date of the change-over for the hosting, operation and maintenance of the System for Electronic Documents Analysis and Retrieval (SEDAR), the System for Electronic Disclosure by Insiders (SEDI) and the National Registration Database (NRD) to CGI Information Systems and Management Consultants Inc. The previously communicated transition date was December 2, 2013. (11/14/2013) CSA press release.
Canada’s provincial regulators publish derivatives rules. The Ontario Securities Commission published “OSC Rule 91-506 Derivatives: Product Determination” and “OSC Rule 91-507 Trade Repositories (TR) and Derivatives Data Reporting (DR).” The TR and DR rules take effect December 31, 2013, and the reporting requirements will begin July 2, 2014. The Autorité des marchés financiers and the Manitoba Securities Commission also published harmonized province-specific rules. (11/14/2013) OSC press release.
Canada OSC roundtable on proxy voting. The Ontario Securities Commission will hold a roundtable on January 29, 2014, to explore the issues identified in CSA Consultation Paper and Request for Comment 54-401, “Review of the Proxy Voting Infrastructure.” (11/5/2013) OSC press release.
Canada OSC compliance expectations. The Ontario Securities Commission published an Annual Summary Report which sets out expectations for firms and individuals directly regulated by the OSC (including exempt market dealers, portfolio managers and investment fund managers). The report is designed to enhance the understanding by firms and individuals of their obligations under Ontario securities law. (11/7/2013) OSC press release.