The IECA Canadian Derivatives Regulatory Working Group, chaired by Priscilla Bunke of Dentons Canada, is pleased to announce the IECA Canadian Derivatives Trade Reporting Designation and Amending Agreement.
Section 25(1)(d) of Trade Reporting Rules and proposed multilateral instrument in certain Canadian provinces, in Quebec - Autorité des marchés financiers (AMF) Regulation 91-507 ; in Manitoba- the Manitoba Securities Commission’s (MSC) Rule 91-507 and in Alberta, British Columbia, Nova Scotia, New Brunswick and Saskatchewan, the proposed Canadian Securities Administrators (CSA) multilateral instrument 96-101 respectively provide that “if none of paragraphs (a) to (c) apply to the transaction and the counterparties have, at the time the transaction occurs, agreed in writing that one of them will be the reporting counterparty, the counterparty determined to be the reporting counterparty under the terms of that agreement”…[Emphasis added]
Pursuant to this subsection, the IECA CLEG Canadian Derivatives Drafting sub-working group has prepared the IECA Canadian Derivatives Trade Reporting Designation and amending agreement for usage by market participants to determine who the reporting counterparty to a derivative transaction would be in certain circumstances as provided in the subsection.
The people who deserve special thanks are Kari Olesen; Phil Lookadoo; Zoltan Nagy-Kovacs and Priscilla Bunke, Chair of the IECA CLEG Canadian Working Group. Other members of the drafting team are Kara Levis and Jerry Jeske.
