OSC Amends Schedule for Public Disclosure of Transaction-level Derivatives Data

TORONTO – The Ontario Securities Commission (OSC) today published further amendments to OSC Rule 91-507Trade Repositories and Derivatives Data Reporting. The amendments delay the effective date for transaction-level data reporting by designated trade repositories until July 29, 2016 and also allow certain market participants to report under the European Union (EU) derivatives trade reporting rules.

Delaying transaction-level public reporting allows OSC Staff further time to study current over-the-counter derivatives market data and develop appropriate publication delay mechanisms. Derivatives trade reporting is a recent development in Ontario, with the first phase having come into effect on October 31, 2014 for clearing agencies and dealers.

“Our objective is to create a public disclosure framework that balances the benefits of post-trade transparency with the importance of maintaining confidentiality for counterparties to derivatives transactions,” said Kevin Fine, Director, Derivatives. "This added time will allow us to gather and analyze additional data in order to effectively meet our goal.”

The amendment to include the EU derivatives reporting rules is part of an ongoing effort to recognize as equivalent the rules of other jurisdictions where substituted compliance is appropriate.

The amendments to the Rule are scheduled to come into effect on April 30, 2015.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices and to foster fair and efficient capital markets and confidence in the capital markets. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at www.osc.ca

 

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