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Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting: Additional Information for Market Participants

The purpose of Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting ("Regulation 91-507") is to improve transparency in the derivatives markets and to ensure that recognized trade repositories operate in a manner that promotes public interest. Derivatives data are essential for effective regulatory oversight of the derivatives markets, including the ability to identify and address systemic risk and market abuse. Derivatives data reported to recognized trade repositories will also support policy-making by providing regulators with information on the nature and characteristics of the Canadian derivatives markets.

Amendments to Regulation 91-507

On June 4th 2015, the Authority published Decision n° 2015-PDG-0089. The purpose of the decision is to defer to a future date, under certain conditions, the implementation of the duty to report under subsection (1) of section 26 of Regulation 91-507, for a reporting counterparty that is neither a reporting clearing house, nor a person subject to the registration requirement as a dealer under the Derivatives Act, nor a Canadian financial institution and is a party to an intragroup transaction (see Section 6.10 of AMF Bulletin, June 4 2015, Vol. 12, no 22). A translation of the notice is available in the Notices section.

On February 12th 2015, the Authority published Decision n° 2015-PDG-0022. The purpose of this decision is to defer to July 29th, 2016, the implementation of the requirement for a trade repository to publicly disclose information pertaining to each transaction reported under (see Section 6.10 of AMF Bulletin, February 12 2015, Vol. 12, no 6). A translation of the notice is available in the Notices section.

On October 30th 2014, the Authority published the final version of the Regulation to amend Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting (see Section 6.2 of AMF Bulletin, October 30, 2014, Vol. 11, no 43).
In this bulletin, the Authority also published:

  • The Amendments to Policy Statement to Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting;
  • Décision n° 2014-PDG-0109 relative à la législation équivalent en matière de déclaration des opérations dans un territoire étranger visée au paragraphe 5) de l’article 26 du Règlement 91-507 sur les référentiels centraux et la déclaration de données sur les dérivés (see Equivalent Trade Reporting Laws of Foreign Jurisdictions Subject to Deemed Compliance Pursuant to Subsection 26(5) of Regulation 91-507);
  • Décision n° 2014-PDG-0124 relative à la révocation des décisions générales numéros 2014-PDG-0051 et 2014-PDG-0084.

Legal Entity Identifiers

Legal Entity Identifiers (“LEIs”) will play a central role in the reporting of data to trade repositories, but also for aggregating such data.

The LEI is a 20 alphanumeric character code that uses the ISO standard 17442. It is an international initiative and its reach goes beyond Regulation 91-507.

Pursuant to Regulation 91-507, every OTC transaction needs to be reported to a recognized trade repository, and each of the counterparty to this transaction must be identified and therefore are required have a LEI. In addition, the reporting agent, the reporting clearing house where the transaction was cleared, the clearing member or the person subject to the registration as a dealer which are counterparties to the transaction as well as  the electronic trading platform where the transaction was executed need to have LEIs. An entity must have the same LEI for all transaction reporting under Regulation 91-507.

Market participants are invited to obtain a LEI from a Local Operating Unit (“LOU”).

Consult the list of approved LOUs

The information that will need to be provided to LOUs by market participants include the official name of the entity, the address of its head office, the address of incorporation, the name of the business registry where the entity was formed (where available) as well as the business registry ID can also be submitted. The issuance of a LEI will depend on the LOU selected and it costs approximately $200 to $300 for the initial issuance request (subsequent years maintenance cost is around 100 $).

The LEI is also a required field for reporting obligations in other jurisdictions such as the United States (CFTC) and Europe (ESMA).

Trade Repositories

Pursuant to Regulation 91-507, reporting counterparties must report the data to be reported under that regulation to one of the trade repositories recognized by the Authority, namely:

View the news release

Equivalent Trade Reporting Laws of Foreign Jurisdictions Subject to Deemed Compliance Pursuant to Subsection 26(5) of Regulation 91-507

Jurisdiction Law- Regulation and/or Instrument

United States of America

  • Real-Time Public Reporting, 17 C.F.R. pt. 43 (2013);
     
  • Swap Data Recordkeeping and Reporting Requirements, 17 C.F.R. pt. 45 (2013);
     
  • Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps, 17 C.F.R. pt. 46 (2013).

European Union

  • Règlement (UE) No 648/2012 du Parlement européen et du Conseil du 4 juillet 2012 sur les produits dérivés de gré à gré, les contreparties centrales et les référentiels centraux, J.O. L 201/1;
     
  • Règlement délégué (UE) No 148/2013 de la Commission du 19 décembre 2012 complétant le règlement (UE) no 648/2012 du Parlement européen et du Conseil sur les produits dérivés de gré à gré, les contreparties centrales et les référentiels centraux en ce qui concerne les normes techniques de réglementation sur les informations minimales à déclarer aux référentiels centraux, J.O. L 52/1;
     
  • Règlement délégué (UE) No 151/2013 de la Commission du 19 décembre 2012 complétant le règlement (UE) no 648/2012 du Parlement européen et du Conseil sur les produits dérivés de gré à gré, les contreparties centrales et les référentiels centraux par des normes techniques de réglementation précisant les informations à publier et à mettre à disposition par les référentiels centraux, ainsi que les normes opérationnelles à respecter pour l’agrégation, la comparaison et l’accessibilité des données, J.O. L 52/33;
     
  • Règlement d’exécution (UE) No 1247/2012 de la Commission du 19 décembre 2012 définissant les normes techniques d’exécution en ce qui concerne le format et la fréquence des déclarations de transactions aux référentiels centraux conformément au règlement (UE) no 648/2012 du Parlement européen et du Conseil sur les produits dérivés de gré à gré, les contreparties centrales et les référentiels centraux, J.O. L 352/20.

Additional Information

For further information, please contact:

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