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Canadian Securities Regulators Seek Comment on Model Rules Relating to Derivatives: Product Determination and Derivatives Trade Repositories and Data Reporting
TORONTO, Dec. 6, 2012, 2012 (Canada NewsWire via COMTEX) --
The Canadian Securities Administrators
(CSA) today published CSA Staff Consultation 91-301 requesting comment for Model Provincial Rule Derivatives: Product Determination (Product Determination Rule) and Model Provincial Rule Trade Repositories and Derivatives Data Reporting (TR Rule), collectively referred to as the "Model Reporting Rules".
The proposed Model Reporting Rules:
-- define the types of contracts or instruments that are required
to be reported to a trade repository;
-- establish requirements for the operation of trade repositories;
and,
-- establish requirements for transaction data reporting.
The reporting of derivatives transactions to trade repositories is one
of the most important components of the G-20 commitments to global
reform of the over-the-counter (OTC) derivatives markets. Since
November 2010, the CSA has published for comment a series of
Consultation Papers that recommend proposals to regulate the OTC
derivatives markets in Canada. These Model Reporting Rules mark the
first policy action resulting from the consultation and will pave the
way for other future rules that are essential to the regulation of OTC
derivatives transactions and the improvement of market transparency.
"Trade repositories and the requirement to report OTC derivatives
contracts to trade repositories will improve transparency in the
derivatives markets, mitigate systemic risk and protect against market
abuse," said Bill Rice, Chair of the CSA and Chair and CEO of the
Alberta Securities Commission.
The Product Determination Rule identifies the contracts or instruments
that are required to be reported to a trade repository. The TR Rule
describes requirements for the operation and ongoing regulation of
designated or recognized trade repositories, and the mandatory
reporting of derivatives transaction data by market participants. In
addition to these Model Reporting Rules, a number of future proposed
model rules will be published for comment that relate to the key areas
addressed by the Consultation Papers. Together, all the model rules
will formulate a proposed regime for the regulation of the OTC
derivatives markets. The model rule process is further described in
CSA Staff Consultation 91-301, which accompanies the Model Reporting
Rules.
The proposed Model Reporting Rules can be found on CSA members' websites
and the comment period is open until February 4, 2013.
The CSA, the umbrella organization comprising the securities regulators
of Canada's provinces and territories, coordinates and harmonizes the
regulation the Canadian capital markets.
SOURCE: Canadian Securities Administrators
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SOURCE: Canadian Securities Administrators
Carolyn Shaw-Rimmington Ontario Securities Commission 416-593-2361 Mark Dickey
Alberta Securities Commission 403-297-4481 Sylvain Theberge Autorite des marches
financiers 514-940-2176 Richard Gilhooley British Columbia Securities Commission
604-899-6713 Ainsley Cunningham Manitoba Securities Commission 204-945-4733 Wendy
Connors-Beckett New Brunswick Securities Commission 506-643-7745 Tanya Wiltshire
Nova Scotia Securities Commission 902-424-8586 Dean Murrison Financial and Consumer
Affairs Authority of Saskatchewan 306-787-5879 Janice Callbeck PEI Securities Office
Office of the Attorney General 902-368-6288 Doug Connolly Financial Services
Regulation Div. Newfoundland and Labrador 709-729-2594 Rhonda Horte Office of Yukon
Superintendent of Securities 867-633-7969 Louis Arki Nunavut Securities Office
867-975-6587 Donn MacDougall Northwest Territories Securities Office 867-920-8984
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