OSC Seeks Comment on Proposed Amendments to Trade Repositories Rule

For Immediate Release OSC

TORONTO – The Ontario Securities Commission (OSC) today published amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (the TR Rule) and its companion policy for a 90-day comment period.

The proposed amendments would eliminate reporting obligations under the TR Rule for derivatives transactions between end-user local counterparties that are affiliated with each other. Further, the proposed amendments would alleviate certain reporting obligations for end-user local counterparties engaging in derivatives transactions with foreign affiliates where reporting is done in compliance with equivalent trade reporting laws.

The proposed amendments would also modify existing legal entity identifier requirements in order to better promote data harmonization and introduce transparency to the Ontario derivatives market through public dissemination of transaction level data.

“These amendments would increase transparency and efficiency in the over-the-counter derivatives market while aiming to preserve the anonymity of counterparties,” said Kevin Fine, Director of the Derivatives Branch at the OSC.

The OSC worked with the CSA’s Over-the-Counter Derivatives Committee on the amendments, and securities regulators in Quebec and Manitoba are publishing similar amendments concurrently.

The TR Rule became effective on December 31, 2013. The most recent amendments to the TR Rule became effective on April 30, 2015.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca



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