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Derivatives Trade Reporting Implementation Date to be Extended

Apr 10, 2014

The Canadian Securities Administrators (CSA) announced today that it intends to extend the date for the commencement of over-the-counter (OTC) derivatives trade reporting until October 31, 2014 for clearing agencies and dealers, and until June 30, 2015 for all other OTC derivatives market participants.
 
At present, no trade repository that can accept all OTC derivative asset classes has completed its application to be recognized or designated within the required timeframe for the commencement of trade reporting obligations in Quebec, Manitoba and Ontario.  This extension will provide additional time for trade repositories currently engaged in the designation or recognition process to accept market participants onto their systems and develop the reporting infrastructure necessary to comply with provincial trade reporting rules. Staff in Ontario, Quebec, and Manitoba will be recommending amendments to Rule 91-507 Trade Repositories and Derivatives Data Reporting, to reflect the extension of the trade reporting obligation.
 
The CSA reiterates its commitment to a harmonized oversight and reporting regime for OTC derivatives markets.
 
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
 
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For more information:

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Carolyn Shaw-Rimmington
Ontario Securities Commission
416-593-2361

Alison Walker
British Columbia Securities Commission
604-899-6713

Tanya Wiltshire
Nova Scotia Securities Commission
902-424-8586

Don Boyles
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-5401

Jeff Mason
Nunavut Securities Office
867-975-6591

Denny Huyghebaert
Financial and Consumer Affairs Authority of Saskatchewan
306-787-5548

Sylvain Théberge
Autorité des marchés financiers
sylvain.theberge@lautorite.qc.ca

Andrew Nicholson
Financial and Consumer Services Commission, New Brunswick
506-658-3021

Janice Callbeck
The Office of the Superintendent of Securities, P.E.I.
902-368-6288

Rhonda Horte
Office of the Yukon Superintendent of Securities
867-667-5466