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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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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
April 23, 2014
Canadian Representation Letter
Allows market participants to provide counterparties with information needed to assess how Canadian reporting requirements may apply to them. *Please note that dates cited in the letter are based on proposed rules. We will update if/when the dates change.
Cdn repletter2final.doc
April 21, 2014
A Summary of Canadian Trade Reporting Requirements
Powerpoint slide deck.
ISDACanadianReportingSummary_v6.1.pdf
April 4, 2014
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.
Reporting Party Requirements_Canada_4Apr14_FINAL.pdf
March 26, 2014
ISDA comment letter on the Canadian Securities Administrators' (CSA) Staff Notice 91-304 and Proposed Model Provincial Rule – Derivatives: Customer Clearing and Protection of Customer Collateral Positions and CSA Staff Notice 91-303 and Proposed Model Provincial Rule on Mandatory Central Counterparty Clearing of Derivatives.
to Autorité des marchés financiers (AMF) & Ontario Securities Commission
%236205026-v11-ISDA Comment Letter - 91-303.pdf %236209389-v4-ISDA - Comment Letter - 91-304.pdf
March 14, 2014
Canadian Representation Letter
Allows market participants to provide counterparties with information needed to assess how Canadian reporting requirements may apply to them. (please see revised version posted April 23rd, 2014)
SETOR1-%236216374-v3-ISDA_Canadian_Representation_Letter_Final_Version.doc
March 14, 2014
French Translation of the Canadian Representation Letter
Allows market participants to provide counterparties with information needed to assess how Canadian reporting requirements may apply to them.
%2311062475-v4-traF-Canadian Representation Letter %231-Trade Reporting and ... (7).doc
September 6, 2013
ISDA comment letter on the Canadian Securities Administrators' (CSA) Consultation Paper on proposed rules for Canadian Derivatives Product Determination, Trade Repositories and Derivatives Data Reporting rules.
to Autorité des marchés financiers (AMF) & Ontario Securities Commission
6133570-v3-ISDA Comment Letter - Trade Repositories.pdf
July 16, 2013
ISDA comment letter on the Canadian Securities Administrators' (CSA) Proposed amendments to Multilateral Instrument 62-104, Early Warning System and Related Take-over Bid Insider Reporting Issues.
to Autorité des marchés financiers (AMF) & Ontario Securities Commission
ISDA Comment Letter - Request for Comments on Early Warning.pdf
June 17, 2013
ISDA comment letter on the Canadian Securities Administrators' (CSA) Consultation Paper 91-407 on Derivatives: Registration.
to Autorité des marchés financiers (AMF) & Ontario Securities Commission
ISDA Comment Letter - Canada - Registration (ISDA - Final).pdf
February 11, 2013
ISDA comment letter on the Canadian Securities Administrators' (CSA) Consultation Paper on Model Provincial Rules - Derivatives Product Determination and Trade Repositories and Derivatives Data Reporting.
to Autorité des marchés financiers (AMF) & Ontario Securities Commission
ISDA Comment Letter - Canada Draft Model Rules - Trade Repositories - Final.pdf