New derivatives rules from OSC

By Staff | November 14, 2013 | Last updated on November 14, 2013
2 min read

The Ontario Securities Commission (OSC) has published OSC Rule 91-506 Derivatives: Product Determination and OSC Rule 91-507 Trade Repositories (TR) and Derivatives Data Reporting (DR), the first set of harmonized derivatives rules which intend to bring greater transparency to the OTC derivatives market and pave the way for future rules.

Read: OSC report details rules for advisors

The reporting of derivatives transactions to trade repositories will give the OSC access to data that will facilitate market surveillance and shed light on the nature and key characteristics of the Canadian derivatives market. This information will assist the OSC in developing a strong derivatives oversight regime.

“The first set of harmonized derivatives rules represents an important milestone for OTC derivatives reform. These rules will provide the OSC with the right tools to better monitor the derivatives market, address systemic issues before they become significant and protect investors,” said Howard Wetston, Q.C., chair and CEO of the OSC. “We are delivering on our G-20 commitments and have harmonized these rules at both the international and local level.”

Read: Retired FCAC commissioner joining OSC panel

The TR and DR rules take effect December 31, 2013 and the reporting requirements will begin July 2, 2014.

The OSC is committed to guiding market participants through the transition to the new rules and will hold an educational seminar on January 15, 2014 to ensure that market participants are prepared to meet their reporting obligations. Further details on the seminar will be announced in the coming weeks.

The Autorité des marchés financiers and the Manitoba Securities Commission also published harmonized province-specific rules today.

The OSC rules 91-506 and 91-507 can be found on the OSC’s website at

Read: Are regulators doing their jobs? staff


The staff of have been covering news for financial advisors since 1998.