The Canadian Securities Administrators (CSA) recently finalized and expanded the mandatory transparency requirements (the transparency requirements) regarding for government debt securities and corporate debt securities. These changes amend  National Instrument 21-101 Marketplace Operation and its related Companion Policy (together, NI -21-101).

With these changes, information about trades in corporate and government debt securities will be publicly available and disseminated by the Investment Industry Regulatory Organization of Canada (IIROC), the information processor (IP). IROC is currently the IP for corporate debt securities, and the CSA will be expanding its mandate to include government debt securities.

  • The implementation of the transparency requirements will begin August 31, 2020, with the distribution of post-trade information for trades in government debt securities executed by dealers that are currently subject to IIROC Rule 2800C and banks that are already reporting their corporate and government debt securities to IIROC, as well as their existing post-trade information for corporate debt securities.
  • Starting May 31, 2021, the transparency requirements will require information to be disseminated regarding corporate and government debt transactions executed by those banks that do not currently report any transactions to IIROC.

Provided all ministerial approvals are obtained, the amendments will come into force on August 31, 2020.

The amendments are available for download from the websites of the participating 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.