Timely Disclosure

Timely Disclosure

Updates and Commentary on Current issues in M&A, Corporate Finance and Capital Markets

Category Archives: Derivatives

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CSA Prohibits Sale of Binary Options

Posted in Derivatives, Securities
On September 28, 2017, the securities regulatory authorities in all Canadian jurisdictions, other than British Columbia (CSA), issued CSA Multilateral Notice of Multilateral Instrument 91-102 Prohibition of Binary Options and Related Companion Policy (Instrument) in response to an increased number of complaints received relating to the marketing of binary options. Subject to the necessary approvals,… Continue Reading

CSA Adopt Changes to Early Warning Rules but Maintain 10% Reporting Threshold

Posted in Contested Situations, Continuous & Timely Disclosure, Derivatives, Securities Regulatory Authorities
On February 25, 2016, the Canadian Securities Administrators (CSA) announced the adoption of new rules enhancing the reporting requirements relating to the early warning reporting system. The new rules are expected to come into force on May 9, 2016. The original proposals were published on March 14, 2013 (see our April 9, 2013 publication Canadian Securities… Continue Reading

Proposed Amendments to Derivatives Data Reporting

Posted in Derivatives, Securities Regulatory Authorities
The Ontario Securities Commission (OSC) has proposed amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting (OSC 91-507).   Among other matters, the proposed amendments to OSC 91-507: Eliminate the derivatives data reporting obligations if (a) the transaction is between affiliated companies; (b) each counterparty is a  local counterparty; and (3)  none of the… Continue Reading

Notice of Publication of ISDA 2014 Multilateral Canadian Reporting Party Agreement (Deemed Dealer Version)

Posted in Derivatives, Securities, Securities Regulatory Authorities
ISDA has published the deemed dealer version of the Multilateral Canada Reporting Party Agreement referenced in section 25(2)(a) of OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting. It is expected that there will be a different version of the Multilateral Agreement where neither counterparty is a derivatives dealer.   Under the agreement the parties agree… Continue Reading

Notice of Publication of OSC FAQs in respect of OSC Rule 91-506 and OSC Rule 91-507

Posted in Derivatives, Securities, Securities Regulatory Authorities
The Ontario Securities Commission (OSC)   has published Frequently Asked Questions (FAQs) (see http://www.osc.gov.on.ca/en/Derivatives_index.htm) in respect of OSC Rule 91-506  Product Determination and OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting.  The FAQs  provides guidance on the application of the two rules.… Continue Reading

Notice of Designation Orders for Trade Repositories for Derivatives

Posted in Derivatives, Securities, Securities Regulatory Authorities
The Ontario Securities Commission (OSC)  has issued three orders  (see http://www.osc.gov.on.ca/documents/en/Marketplaces/marketplaces_20140923_nco-chicago-dtcc-ice.pdf) pursuant to section 21.2.2(1) of the Securities Act (Ontario) designating the following three entities as trade repositories: Chicago Mercantile Exchange Inc. (CME) DTCC Data Repository (U.S.) LLC (DDR) ICE Trade Vault, LLC ( ICE TV) Pursuant to the designation orders, market participants that are required… Continue Reading

Changes to New Ontario Derivatives Reporting Requirements

Posted in Derivatives, Securities Regulatory Authorities
On April 17, 2014, the OSC published proposed changes to the new derivatives reporting rule which delay implementation and lighten some of the reporting burden on end-users. Under the proposed changes, the new implementation timeline will be as follows: New transactions: Reporting of new transactions commences on October 31, 2014 for derivatives dealers (previously July… Continue Reading