Securities regulators in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Prince Edward Island, Saskatchewan and Yukon on Friday announced they are implementing their own new rules on derivatives reporting.
Together, these rules create a derivatives reporting regime that will be “substantively harmonized with regimes in effect in Manitoba, Ontario, Quebec and internationally,” the Canadian Securities Administrators says in a statement.
The new rules set out the requirements for collecting and reporting data on transactions in the over-the-counter (OTC) derivatives market. “This will improve the regulatory oversight of the OTC derivatives market, which includes the ability to identify and address systemic risk and the risk of market abuse,” the CSA statement says.
The new rules take effect on May 1.