The International Swaps and Derivatives Association (ISDA) and Markit have launched the ISDA Canadian Representation Letter on ISDA Amend, a joint electronic solution that streamlines aspects of compliance with Dodd-Frank, EMIR and other over-the-counter derivatives regulatory requirements.
On 14 November 2013, the Ontario Securities Commission (OSC), the Manitoba Securities Commission (MSC) and the Autorité des Marchés Financiers (AMF) published Rule 91-507 requiring reporting counterparties to report certain derivatives data to designated or recognised trade repositories with respect to transactions involving local counterparties. Trade reporting requirements in Canada begin on 31 October 2014.
Lansing Gatrell, managing director and head of Markit’s counterparty manager service, says: “Our service makes it simpler to document a firm’s domicile with respect to swaps reporting in Canada and share that information with counterparties as needed. Management of domicile and other KYC information is critical for compliance with an expanding number of financial industry regulations worldwide and our goal is to automate and centralise the process as much as possible.”
ISDA’s Canadian Representation Letter, which was published in March 2014, assesses how trade reporting requirements apply to institutions operating in the Canadian provinces of Ontario, Quebec and Manitoba. Other Canadian provinces are expected to adopt similar trade reporting rules in due course.
To assist in gathering this information in a consistent and efficient manner, ISDA and Markit have made the representations found in the ISDA Canadian Representation Letter available via ISDA Amend. Buyside firms can use ISDA Amend at no charge.
