The Ontario Securities Commission yesterday published proposed rules that would require that all over-the-counter derivative transactions be reported to trade repositories. While the proposals are ultimately 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.

The comment period on the proposed rules expires on September 6, 2013. For more information, see proposed OSC Rule 91-506 Derivatives: Product Determination and OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting.