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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
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
August 14, 2014
ISDA comment Letter to AMF (Quebec) re: Draft Regulation to amend Regulation 91-507
ISDA comment Letter to AMF (Quebec) re: Draft Regulation to amend Regulation 91-507 (July 3, 2014) and Blanket decision regarding exemption from reporting obligation under Draft Regulation to amend Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting.
2014 Aug 14 #11120964-v3B-ISDA  Comment Letter AMF Amendments to Regulation 91-507_E....pdf
July 15, 2014
ISDA comment letter on the Industry Canada’s discussion paper ”Statutory Review of the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act
ISDA comment letter on the Industry Canada’s discussion paper ”Statutory Review of the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act."
%236246971-v6-ISDA Comment Letter - Statutory Review of BIA and CCAA June 2014.pdf
May 23, 2014
FAQ for Non-Dealers on Canadian Trade Reporting Obligations
This information is intended to provide a brief overview of the key regulatory requirements as they relate to the reporting of derivatives transaction data and of the processes that the derivatives industry has developed to facilitate dealer and end-user compliance with these new requirements.
SETOR1-%236234802-v3-ISDA_-_FAQ_for_Non-Dealers_on_Trade_Reporting_Obligat   .pdf
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 11062475-v5-traF-Canadian Representation Letter 1-Trade Reporting.doc
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 %2311116389-v3-traF-Canadian Transaction Reporting Party Requirements-2014   .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