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The Ontario Securities Commission (OSC), the Manitoba Securities Commission (MSC) and the Autorité des marchés financiers (AMF), respectively, published Rule 91-507 requiring “reporting counterparties” to report certain derivatives data to “designated” or “recognized” trade repositories with respect to transactions involving “local counterparties”. The OSC, MSC and AMF have also published companion policies.

In these three jurisdictions, for trades involving a “clearing agency” or a Dealer, trade reporting begins on July 2, 2014 and, for trades that do not involve such entities, on September 30, 2014. The securities regulatory authorities in certain of the remaining provinces of Canada have indicated their intention to introduce substantially identical rules by way of a multi-lateral instrument. Canadian federally regulated financial institutions may become subject to similar federal or national rules, orders or directives.

It is anticipated that other rules and instruments to be published and finalized by Canadian Regulators with respect to Derivatives will include a substantially equivalent definition of “local counterparty” to that in the TR Rules.

This first Canadian Representation Letter allows you to provide information needed to assess how Canadian Regulatory Requirements do or may apply to Transactions between counterparties.

More information and webinars on the topic will be posted here in due course.

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September 29, 2014
ISDA Market Education Webinar on ISDA Canadian Representation Letter
Trade reporting begins on October 31, 2014 in Ontario, Manitoba and Quebec. This webinar discusses the representations required for the Canadian trade reporting requirements, an overview of the Canadian Representation Letter #1, and a live demo using the ISDA Amend tool to complete the representation letter, featuring Stikeman Elliott, ISDA and Markit.


Click here for Webinar

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April 3,2014
ISDA Webinar: Canadian Representation Letter
The Ontario Securities Commission (OSC), the Manitoba Securities Commission (MSC) and the Autorité des marchés financiers (AMF), respectively, published Rule 91-507 requiring “reporting counterparties” to report certain derivatives data to “designated” or “recognized” trade repositories with respect to transactions involving “local counterparties”. ISDA published a Canadian Representation Letter in March. The letter allows market participants to provide counterparties with information needed to assess how Canadian reporting requirements may apply to them. This webinar discusses preparing for upcoming Canadian reporting requirements, including how to obtain a legal entity identifier, how to complete the Canadian Representation Letter #1, and complying with Trade Reporting and other Obligations., featuring Stikeman Elliott, ISDA and GMEi utility. 

Click here for Webinar


DateTitle / DescriptionDocuments
May 13, 2015
ISDA Comment Letter to the Canadian Securities Administrators on Mandatory Central Counterparty Clearing of Derivatives
CSA-ISDA-Comment-Proposed-National-Instrument-94-101-Final.pdf
May 1, 2015
ISDA 2015 Multilateral Non-Dealer Canadian Reporting Party Agreement
In order to meet the conditions in the 91-507 derivatives trade reporting rules issued by Canadian provincial regulators, ISDA is administering this multilateral agreement to facilitate single sided reporting for trades between two non-dealer parties. To adhere, please contact: kcadigan@isda.org and tkruse@isda.org.
ISDA 2015 Multilateral Non-Dealer Canadian Reporting Party Agreement_1May15_FINAL.pdf
March 24, 2015
ISDA Comment Letter to the Proposed Multilateral TR Instruments in Canada
ISDA provides comments to the British Columbia Securities Commission, Alberta Securities Commission, Financial and Consumer Affairs Authority of Saskatchewan, Financial and Consumer Services Commission (New Brunswick), and Nova Scotia Securities Commission in response to the Request for Comment regarding their Proposed Multilateral Instruments on Derivatives Product Determination and Trade Repositories and Derivatives Data Reporting.
ISDA_MultilateralTRInstrumentsLetter_24Mar2015_FINAL.pdf
March 20, 2015
Canadian Transaction Reporting Party Requirements
These Reporting Party Requirements establish the hierarchy and tie-breaker logic to determine a single reporting counterparty for Canadian provincial reporting. By leveraging the existing reporting party standard established for reporting to the CFTC, in most cases these rules facilitate submission of a single multiple jurisdictional report to meet the reporting requirements of both the CFTC and provincial regulators. Although the publication date remains as April 4, 2014, this version of the document has been amended as of March 20, 2015 to reflect changes in the provincial reporting requirements that have been issued since its original publication date.
Reporting Party Requirements_Canada_20Mar2015_clean.pdf
January 16, 2015
ISDA comment letter to the Canadian Securities Administrators (CSA) on Transaction Level Public Dissemination
ISDA comments to the Canadian Securities Administrators on provincial rules pertaining to public dissemination of transaction level data in Canada.
ISDA_Canada_PublicDisseminationLetter_16Jan2015_FINAL.pdf
December 16, 2014
ISDA comment letter to Manitoba Securities Commission re Rule No. 2014-19
ISDA comment Letter to MSC Rule No. 2014-19 - Amendments to MSC Rule 91-507 Trade Repositories and Derivatives Data Reporting.
ISDA Response MSC 91-507 Amendments_16Dec14_FINAL.pdf
September 29, 2014
ISDA Market Education Webinar on ISDA Canadian Representation Letter
Powerpoint presentation from the webinar held on September 29, 2014 re: the representations required for the Canadian trade reporting requirements and an overview of the Canadian Representation Letter #1.
#6309234-v2-ISDA Webinar Sept  2014 Canadian Rep Letter.pdf
September 24, 2014
ISDA and Markit offer counterparty classification tool to assist compliance with Canadian derivatives trade reporting rules
Press Release
20140924 ISDA Amend adds Canadian reporting module - FINAL.pdf
September 22, 2014
ISDA 2014 Multilateral Canadian Reporting Party Agreement (Deemed Dealer Version)
In order to meet the conditions in the 91-507 derivatives trade reporting rules issued by Canadian provincial regulators, ISDA is administering this multilateral agreement to facilitate single sided reporting for trades between two parties that have agreed to accept the role of a derivatives dealer in the reporting party hierarchy of the rules. To adhere, please contact: tkruse@isda.org.
2014 Sept 22 ISDA_2014_Multilateral_Canadian_Reporting_Party_Agreement_Dealer_FINAL.pdf
September 11, 2014
Summary of Canadian Trade Reporting Requirements
An ISDA PowerPoint overview of the trade reporting rules in Ontario, Manitoba and Quebec, for which reporting begins October 31, 2014.
2014 Sep 11 ISDACanadianReportingSummary_v8_FINAL.pdf