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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
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
September 21, 2012
ISDA comment letter on the Canadian Securities Administrators' (CSA) Consultation Paper on Over-the-Counter (OTC) Derivatives Transactions and OTC Central Counterparty Clearing.
to Autorité des marchés financiers (AMF) & Ontario Securities Commission
ISDA Comment Letter - Canada - CCP Clearing - Final.pdf
May 7, 2012
Perfecting Security Interests in Cash Collateral (OBA Proposal)
ISDA comment letter to the Ontario Minister of Consumer Services
Letter to Minister of Consumer Services re Cash Collateral Proposal.pdf
September 12, 2011
ISDA comment letter on the Canadian Securities Administrators' (CSA) Consultation Paper on Over-the-Counter Derivatives Transactions and the operation of Trade Repositories.
to Autorité des marchés financiers (AMF) & Ontario Securities
ISDA_Comment_Letter_-_Canada_-_Trade_Repository.pdf
April 22, 2011
ISDA comment letter with respect to Proposed Rule 91-505
to Alberta Securities Commission
ISDA Comment letter to ASC.pdf
January 14, 2011
ISDA comment letter on the Canadian Securities Administrators' (CSA) Consultation Paper on Over-the-Counter Derivatives Regulation in Canada (CSA Consultation Paper)
to Autorité des marchés financiers (AMF) & Ontario Securities Commission
ISDA_CSA.pdf
May 4, 2010
Guidelines on Best Practices with respect to Cash Credit Support for Collateral Providers located in Canada
ISDA Canadian Legal and Regulatory Affairs Committee
ISDA-Memorandum-refiling-statements-May-2010.pdf
April 13, 2010
ISDA Letter to Alberta and Ontario Governments re Proposal for Amendments to the Treatment of Deposit Accounts under the PPSA April 13, 2010
to Ministry of Consumer Services, Ferguson Block and Land Titles and Personal Properties Registry Service Alberta
ISDA-Letter-to-Alberta-and-Ontario-Governments.pdf
June 8, 2009
Comment Letter re Proposal for Amendments to the Treatment of Deposit Accounts under the PPSA
to Ontario Ministry of Government Services and Land Titles and Personal Properties Registry Service Alberta
ISDA-Proposal-for-Amendments-to-Treatment-of-Deposit-Accounts-under-PPSA-8June2009.pdf
March 27, 2009
Comment Letter regarding  The Budget Act 2009 – Amendments to the Canada Deposit Insurance Corporation Act.
Response from Comment Letter sent by ISDA on March 20, 2009 to Guy Saint-Pierre, President and Chief Executive Officer of the Canada Deposit Insurance Commission
Letter-to-Mr-Bourassa-re-the-BudgetAct2009-Amendments-to-CDIC-Act.pdf