The Ontario Securities Commission (OSC) published its rule amendments to extend the deadlines for reporting to trade repositories in the over-the-counter (OTC) derivatives markets. A policy that’s being introduced to improve transparency and regulatory oversight in the derivatives market.

Last week, the Canadian Securities Administrators (CSA) announced that they are delaying implementation of trade reporting obligations because there isn’t yet a trade repository in position to accept the data.

“At present, no trade repository that can accept all OTC derivative asset classes has completed its application to be recognized or designated within the required timeframe for the commencement of trade reporting obligations in Quebec, Manitoba and Ontario,” the CSA said. (See Investment Executive, CSA extends OTC trade reporting deadline, April 10, 2014.)

On Thursday , the OSC announced amendments to OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting to implement the extension. Similar amendments are also being published by the Autorité des marches financiers (AMF) and the Manitoba Securities Commission (MSC).

OTC derivatives trade reporting was scheduled to start on July 2. However, the amendments push back the effective date of reporting obligations to Oct. 31 for clearing agencies and dealers, and to June 30, 2015 for all other OTC derivatives market participants.

“The extension will provide additional time for trade repositories engaged in the designation or recognition process to accept market participants onto their systems and develop the reporting infrastructure necessary to comply with the rule,” the OSC notes.

The OSC says that it has also repealed the requirement for Ontario non-dealer counterparties to monitor and confirm that transaction reporting requirements have been satisfied by their foreign dealer reporting counterparties, noting that “there are significant resource and technological challenges for non-dealer counterparties in developing systems to monitor their counterparties’ reporting, and this amendment serves to alleviate this burden on smaller end-user counterparties.”

The amendments are not being published for comment, the OSC says, as they do not represent a material change.