The OSC has published further amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (TR Rule), which alleviate certain reporting burdens on Ontario OTC derivatives market participants and enhance the clarity and utility of data reported to the OSC.
The amendments permit certain market participants to report under the U.S. Commodity Futures Trading Commission’s (CFTC) swap data reporting rules and to use the International Swaps and Derivatives Association Canadian methodology. The methodology will assist market participants in determining the reporting counterparty for a derivatives transaction and avoid double reporting.
“One of the biggest challenges for securities regulators as we implement the G20 commitments is cross-border harmonization. We take the challenge seriously and are pleased to announce that we recognize the CTFC’s swap data reporting rule as equivalent to our rule,” said Howard I. Wetston, chair and CEO of the OSC. “The recognition of a comparable regulatory rule is an important milestone that reflects a strong, collaborative effort in strengthening oversight of OTC derivatives at the international level.”