In a move to create a parallel regime to the US and EU, Canadian regulators have propsed for comment new rules requiring reporting of derivatives transactions.
Calgary – The securities regulatory authorities in Alberta, British Columbia, New Brunswick, Nova Scotia and Saskatchewan (participating jurisdictions) today published for comment Proposed Multilateral Instruments 91-101 Derivatives: Product Determination and 96-101 Trade Repositories and Derivatives Data Reporting. Together, these proposed instruments would form a derivatives reporting regime that is largely harmonized with regimes previously implemented in Manitoba, Ontario and Québec. “Collection of this OTC derivatives data is intended to assist in the regulatory oversight of the OTC derivatives market, including the ability to identify and address systemic risk and the risk of market abuse,” said Bill Rice, Chair of the CSA and Chair and Chief Executive Officer of the Alberta Securities Commission. “These proposed multilateral instruments will harmonize with reporting requirements applicable in other Canadian jurisdictions and internationally.”