Staff of securities regulators in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan and Yukon have published CSA Multilateral Staff Notice 91-305, entitled Frequently Asked Questions relating to Multilateral Instrument 91-101 Derivatives: Product Determination and Multilateral Instrument 96-101 Trade Repositories and Derivatives Data Reporting
The notice was drafted as a guide to individuals who are involved in over-the-counter derivative trades. Written as an FAQ, the guide discusses certain masters relating to MI 91-101 and MI 96-101. Questions answered on the notice include where to report one’s specific derivatives, whether trade reporting requirements are similar to those imposed by the Dodd-Frank Act in the US, and a clarification on the obligation to report pre-existing derivatives.
Derivatives reporting obligations kicked in on July 29 for clearing agencies and derivatives dealers, and on November 1 for all other reporting counterparties, in all jurisdictions except Newfoundland and Labrador. For the two remaining provinces, derivatives reporting obligations are expected to begin on November 1 for all reporting counterparties.
The new Multilateral Staff Notice can be accessed on participating jurisdictions’ websites.
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