For Immediate Release
April 10, 2014

Derivatives Trade Reporting Implementation Date to be Extended

Toronto - 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.

For more information:

Carolyn Shaw-Rimmington
Ontario Securities Commission

Mark Dickey
Alberta Securities Commission

Richard Gilhooley
British Columbia Securities Commission

Sylvain Théberge
Autorité des marchés financiers

Kevan Hannah
Manitoba Securities Commission

Wendy Connors-Beckett
Financial and Consumer Services
Commission, New Brunswick

Tanya Wiltshire
Nova Scotia Securities Commission

Janice Callbeck
Office of the Superintendent of Securities

Don Boyles
Office of the Superintendent of Securities
Newfoundland and Labrador

Rhonda Horte
Office of the Yukon Superintendent of

Louis Arki
Nunavut Securities Office

Gary MacDougall
Northwest Territories
Securities Office

Daniela Machuca
Financial and Consumer Affairs
Authority of Saskatchewan