Effective December 15, 2017, the securities regulators in the participating jurisdictions of British Columbia, Alberta, Saskatchewan, New Brunswick, Prince Edward Island, Nova Scotia, Newfoundland and Labrador, Yukon, Northwest Territories, and Nunavut (the Participating Jurisdictions) announced they are each varying, amending, or revoking and replacing, in each applicable jurisdiction, harmonized discretionary relief (in each jurisdiction, the 2017 Order) from certain requirements in Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting (the TR Rule).
In 2016, the Participating Jurisdictions issued harmonized discretionary relief from certain
reporting requirements under the TR Rule relating to over-the-counter (OTC) derivatives in
limited circumstances (collectively, the 2016 Orders). Without any form of revision, amendment or reinstatement, the 2016 Orders would have expired on December 15, 2017. The local 2017 Order varies, amends, or revokes and replaces, as applicable in the local jurisdiction.
The changes in the 2017 Orders:
- extend the relief relating to situations where foreign laws prevent or hinder the reporting of required information by a reporting counterparty (CSA Staff continues to monitor changes to foreign laws to determine whether this relief is necessary);
- extend the relief relating to required counterparty feedback, counterparty Legal Entity Identifiers (LEI) and broker or clearing intermediary LEIs. The relief, which is consistent with changes to corresponding exemptive relief decisions issued in Manitoba, Ontario, and Québec, is intended to be transitional and will be narrowed in certain circumstances following a phase-in period of approximately six months; and,
- include additional relief of a technical nature relating to reporting of valuation data to address situations where the relevant closing market data from the previous business day is not available because that day is not a business day in the jurisdiction of the relevant market.
Multilateral Staff Notice 96-302 Variation, amendment, or revocation and replacement of
Blanket Order Relief from Certain Derivatives Data Reporting Requirements under Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting, is available for download from the websites of participating member jurisdictions.
For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.
