Securities Law & Instruments

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Amendments to Ontario Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting

 

1.             Ontario Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting is amended by this Instrument.

2.             Subsection 25(2) is revoked.

3.             Subsection 31(4) is revoked.

4.             Subsection 34(1) is replaced by the following:

Pre-existing transactions

34.(1)     Despite section 31 and subject to subsection 43(5), a reporting party (as determined under subsection 25(1)) to a transaction required to be reported under subsection 26(1) is required to report only the creation data indicated in the column in Appendix A entitled “Required for Pre-existing Transactions” on or before April 30, 2015 if

(a)           the reporting counterparty is a derivatives dealer or a recognized or exempt clearing agency,

(b)           the transaction was entered into before October 31, 2014, and

(c)           there were outstanding contractual obligations with respect to the transaction on October 31, 2014.

(1.1)        Despite section 31 and subject to subsection 43(6), a reporting party (as determined under subsection 25(1)) to a transaction required to be reported under subsection 26(1) is required to report only the creation data indicated in the column in Appendix A entitled “Required for Pre-existing Transactions” on or before December 31, 2015 if

(a)           the reporting counterparty is neither a derivatives dealer nor a recognized or exempt clearing agency,

(b)           the transaction was entered into before June 30, 2015, and

(c)           there were outstanding contractual obligations with respect to the transaction on June 30, 2015.

5.             Subsections 34(2) and (3) are each amended by replacing “subsection (1)” with “subsection (1) or (1.1)”.

6.             Section 43 is amended

(a)           in subsection (2) by replacing “December 31, 2014” with “April 30, 2015

(b)           in subsection (3) by replacing “July 2” with “October 31”;

(c)           in subsection (4)

(i)            by adding “or a recognized or exempt clearing agency” after “derivatives dealer”, and

(ii)           by replacing “September 30, 2014” with “June 30, 2015”; and

(d)           by replacing subsection (5) with the following:

(5)          Despite subsection (3) and section 34, Part 3 does not apply to a transaction entered into before October 31, 2014 that expires or terminates on or before April 30, 2015 if the reporting counterparty to the transaction is a derivatives dealer or a recognized or exempt clearing agency.

(6)           Despite subsection (3) and section 34, Part 3 does not apply to a transaction entered into before June 30, 2015 that expires or terminates on or before December 31, 2015 if the reporting counterparty to the transaction is neither a derivatives dealer nor a recognized or exempt clearing agency.

7.             This Instrument comes into force on July 2, 2014.