The Ontario Securities Commission today published final versions of harmonized derivatives rules in respect of product determination, trade repositories and derivatives data reporting. Quebec's Autorité des marchés financiers and the Manitoba Securities Commission also published final rules.
As we discussed in June, Ontario, Quebec and Manitoba each published draft harmonized rules on the subject earlier this year, while the CSA released draft rules in December 2012.
The final rules released today by the OSC make non-material revisions to the earlier drafts to address comments received from stakeholders. Assuming Ministerial approval, the requirements come into force beginning on December 31, 2013 with the implementation of some requirements staggered over the next year. For example, data reporting obligations for reporting counterparties involving a local counterparty come into effect on July 2, 2014, while obligations regarding the public dissemination of transaction level data by designated trade repositories will come into effect on December 31, 2014. Where both counterparties are non-dealers, no reporting will be required until September 30, 2014.
For more information, see OSC Rule 91-506 and OSC Rule 91-507.