The OSC is extending the effective date of reporting obligations under the TR Rule and alleviating certain reporting burdens on Ontario non-dealer counterparties.
The move is in response to the CSA’s announced intention to extend the July 2, 2014 date for the commencement of OTC derivatives trade reporting. Now the OSC’s the effective date for reporting obligations under the TR Rule is October 31, 2014 for clearing agencies and dealers, and June 30, 2015 for all other OTC derivatives market participants.
The extension will provide additional time for trade repositories engaged in the designation or recognition process to accept market participants onto their systems and develop the reporting infrastructure necessary to comply with the rule.
The OSC has also repealed the TR Rule requirement for Ontario non-dealer counterparties to monitor and confirm that transaction reporting requirements have been satisfied by their foreign dealer reporting counterparties. The OSC understands there are significant resource and technological challenges for non-dealer counterparties in developing systems to monitor their counterparties’ reporting, and this amendment serves to alleviate this burden on smaller end-user counterparties.