Canada: What's Ahead? At A Glance - Fall 2013 (Key Developments In Canadian Securities Regulation For The Investment Management Industry)

Government of Canada Moves to Protect Canadian Investors: Backgrounder, Fact Sheets and Proposed Canadian Securities Act Department of Finance Canada May 2010.

Transition Plan For the Canadian Securities Regulatory Authority Canadian Securities Transition Office July 2010.

In the matter of a Reference by the Governor in Council concerning the proposed Canadian Securities Act, as set out in Order in Council P.C. 2010-667 dated May 26, 2010. 2011 Supreme Court of Canada 66 (December 21, 2011).

House of Commons, Ministry of Finance, Jobs, Growth and Long-Term Prosperity: Economic Action Plan 2013 (March 21, 2013) (Ministry of Finance: Hon. James M Flaherty).

Ministers of Finance of British Columbia, Ontario and Canada Agree to Establish a Cooperative Capital Markets Regulator Press Release, Backgrounder: Agreed Elements of a Cooperative Capital Markets Regulatory System and Agreement in Principle to Move Towards a Cooperative Capital Markets Regulatory System. Department of Finance (Canada) September 19, 2013.

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Canadian Securities Transition Office (CSTO) commenced work in July 2009 with a mandate from the Government of Canada to lead and manage the transition from the current system of provincial/territorial regulation to a single, national securities regulator. The Government of Canada referred to the Supreme Court of Canada the question of whether the proposed Canadian Securities Act is within the constitutional jurisdiction of parliament. The Supreme Court of Canada heard submissions on this question in April 2011 and in December 2011 released its decision that the proposed Canadian Securities Act as drafted was not within the constitutional jurisdiction of the Canadian government.

See Implications of the Supreme Court Decision in the Securities Act Reference Securities & Capital Markets Bulletin January 2012 Borden Ladner Gervais LLP.

On September 19, 2013, the Ministers of Finance of BC, Ontario and Canada announced their agreement to establish a cooperative capital markets regulatory system and invited all remaining provinces and territories to participate in the proposed system. The CSTO will continue to operate to work towards implementation. The applicable governments are working towards having the new regulator operational by July 1, 2015.

See BC, Ontario and Canada to Establish a National Securities Regulator Securities & Capital Markets Alert September 2013 Borden Ladner Gervais LLP.

CSA Notice of Amendments to National Instrument 81-106 Investment Fund Continuous Disclosure, Companion Policy 81-106CP Investment Fund Continuous Disclosure and related amendments October 2013.

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IFRS for investment funds in place on January 1, 2014. The amendments to NI 81-106 and other instruments related to IFRS for investment funds are expected to come into force on January 1, 2014.

CSA Consultation Paper 33-403: The Standard of Conduct for Advisers and Dealers: Exploring the Appropriateness of Introducing a Statutory Best Interest Duty When Advice is Provided to Retail Clients October 2012.

OSC Staff Notice 33-738 OSC Annual Summary Report for Dealers, Advisers and Investment Fund Managers November 2012.

CSA Notice and Request for Comments Proposed Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and Companion Policy 31-103CP concerning the requirement on registered firms to provide an independent dispute resolution service November 2012.

OSC Staff Notice 33-739 Termination of the Ontario Contingency Trust Fund December 2012.

CSA Notice of Amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations and Companion Policy 31-103CP (Cost Disclosure, Performance Reporting and Client Statements) March 2013.

OSC Staff Notice 33-741 Report on the Results of the Reviews of Capital Markets Participation Fees July 2013.

OSC Rule 11-501 Electronic Delivery of Documents to the Ontario Securities Commission and consequential policy amendments October 2013.

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Comment period ended on the proposed "dispute resolution" amendments to NI 31-103 on February 15, 2013. Comment letters, including comments from Borden Ladner Gervais LLP being considered by the CSA and available on the OSC website. Final rules expected to be published later in 2013, so that any new rules can come into force by September 2014.

Comment period ended on the CSA Consultation Paper 33-403 (best interest) on February 22, 2013. Comment letters, including comments from Borden Ladner Gervais LLP being considered by the CSA and available on the OSC website. Roundtable discussions were held during June and July 2013 at the OSC.

Amendments to NI 31-103 in respect of cost disclosure, performance reporting and client statements (CRM-2) came into effect over a 3-year period commencing July 15, 2013.

OSC Rule 11-501 will require, among other things, electronic filing of registration-related documentation that are not today filed on NRD and will be effective February 19, 2014.

See Canadian Securities Regulators Renew Focus on Registrant Compliance – The New Normal – Being Review Ready Investment Management Bulletin June 2012 Borden Ladner Gervais LLP.

See Canadian Securities Regulators Considering Further Requirements to Independent Dispute Resolution for Registrants Investment Management Bulletin July 2012 Borden Ladner Gervais LLP.

See The Canadian Securities Regulators' Proposals for a "Best Interest" Standard for Dealers and Advisers: the Long Road Ahead Investment Management Bulletin April 2013 Borden Ladner Gervais LLP.

See Canadian Securities Administrators Finalize Rules Requiring Enhanced Account Level Disclosure by Registrants: Effective July 15, 2013. Investment Management Bulletin April 2013 Borden Ladner Gervais LLP.

See National Instrument 31-103 At a Glance (Revised!) Investment Management Bulletin June 2013 Borden Ladner Gervais LLP.

IIROC Rules Notices Requests for Comments Plain language rule re-write project March 2010 – June 2012.

IIIROC Rules Notice Notice of Approval/ Implementation 12-0107 Client Relationship Model – Implementation March 2012.

IIROC Rules Notice Guidance Note 12-108 Client Relationship – Guidance March 2012. IIROC Rules Notice Guidance Note 12-0109 Know-your-client and Suitability Guidance March 2012.

IIROC Rules Notice 12-0207 Concept Paper Request for comments Restricted Dealer Member Proposal July 2012.

IIROC Rules Notice 12-0253 Request for comments on draft guidance regarding compensation structures for retail investment accounts August 2012.

IIROC Rules Notice Request for Comments 12-0311 Draft Guidance Regarding Outsourcing Arrangements October 2012.

IIROC Rules Notice 12-0379 The Role of Compliance and Supervision December 2012.

IIROC Rules Notice 12-0384 Sale of principal protected notes by Approved Persons of IIROC Dealer Members December 2012.

IIROC Rules Notice Request for Comments 13-0053 Use of Business Titles and Financial Designations – Proposed Guidance Note January 2013.

IIROC Rules Notice 13-0042 Update to IIROC Rules Notice 12-217, July 2012 – Concept Proposal Restricted Dealer Member – Summary of Comments February 2013.

IIROC Rules Notice 13-0162 Final amendments to rules on personal financial dealings and outside business activities June 2013.

CSA Staff Notice 31-335 Extension of Interim Relief for Members of IIROC from the Requirement in section 14.2(1) of NI 31-103 in Respect of the Provision of Relationship Disclosure Information to Existing Clients. October 2013.

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IIROC has issued guidance and proposed guidance on various compliance issues significant to its members. IIROC has undertaken a project to rewrite its Rules in plain language primarily to make the Rules more clear, concise and organized, although some substantive changes will also be made.

IIROC's rule amendments and guidance relating to its implementation of the Client Relationship Model were finalized in March 2012. Various implementation dates apply. IIROC's rules regarding account performance reporting are being reviewed to determine how to conform them to the CSA's "CRM-2" final rules published in March 2013.

CSA Staff Notice 31-335 extends the relief granted to IIROC members in respect of RDI to existing clients to March 26, 2014 to coincide with the transition applicable to the IIROC RDI rules.

See Proposals for a New "Restricted Dealer" IIROC Member Category Released for Comment Investment Management Bulletin August 2012 Borden Ladner Gervais LLP.

Consultation Paper on the Harmonization of Mutual Fund Distribution Regulations Autorité des marchés financiers October 2010.

MFDA Bulletin #0508-P MFDA Rule 5.3.5 (Performance Reporting): Suspension of June 2012 Implementation December 2011.

MFDA Draft Member Regulation Notice – Sale of Principal Protected Notes by Approved Persons of MFDA Members November 2012.

Revised Member Regulation Notice MR-0057 The Role of Compliance and Supervision February 2013.

MFDA Bulletin 0561-P Policy Instrument Review Project March 2013.

MFDA Bulletin 0562-P Client Disclosure Sweep March 2013.

MFDA Bulletin 0563-C MFDA Regulatory Priorities April 2013.

MFDA Bulletin 0576-P Approval of Amendments to Rule 2.5.5 (Branch Managers) and Policy No. 2 Minimum Standards for Account Supervision September 2013.

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Comment period on the AMF consultation paper ended November 30, 2010. AMF later announced that it is working towards a later deadline than September 28, 2011 to achieve harmonization.

See AMF Consultation on Harmonizing Regulation of Quebéc Mutual Fund Dealers Investment Management Bulletin October 2010 Borden Ladner Gervais LLP.

MFDA Rule amendments have been finalized to implement certain client relationship model requirements specifically, quarterly client reporting obligations for MFDA members. MFDA is reviewing MFDA Rule 5.3.5 (which is suspended) on performance reporting to determine if any changes are required to ensure harmonization with performance reporting standards under NI 31-103.

CSA Staff Notice 31-327 Broker-Dealer Registration in the Exempt Market Dealer Category September 2011.

ASC Staff Notice 33-704 Review of Exempt Market Dealers Alberta Securities Commission January 2012.

CSA Staff Notice 31-331 Follow-up to Broker- Dealer Registration in the Exempt Market Dealer Category July 2012.

B.C. Notice 2013/01 Notice and Request for Comment Proposed Revocation of BCI 32-513 Registration Exemption for Trades in Connection with Certain Prospectus Exempt Distributions and BC Instrument 32-572 Exemption for Dealer Registration Requirements for Trades in Securities of Mortgage Investment Entities January 2013.

CSA Staff Notice 31-333 Follow-up to Broker- Dealer Registration in the Exempt Market Dealer Category February 2013.

OSC Staff Notice 33-740 Results of 2012 Targetted Review of PMs and EMDs, re KYC, KYP and Suitability May 2013.

CSA Staff Notice 31-334 CSA Review of Relationship Disclosure Practices July 2013.

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Various reports from the CSA and the OSC staff intended to highlight compliance issues significant to firms registered as EMDs. The 2012 annual report of the OSC staff referred to above provides additional discussion about issues specific to EMDs.

See Canadian Securities Regulators Report on Relationship Disclosure Practices Investment Management Bulletin August 2013 Borden Ladner Gervais LLP.

CSA Staff Notice 31-325 Marketing Practices of Portfolio Managers July 2011.

CSA Staff Notice 31-332 Relevant Investment Management Experience for Advising Representatives and Associate Advising Representatives of Portfolio Managers January 2013.

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CSA staff report on marketing practices of portfolio managers updates and replaces earlier 2007 report from the OSC staff on the same topic. The 2012 annual report of the OSC staff and the two 2013 notices of the CSA and OSC staff referred to above provide additional discussion about issues specific to portfolio managers.

Multilateral Policy 31-202 Registration Requirement for Investment Fund Managers Securities regulators in British Columbia, Alberta, Saskatchewan, Manitoba, PEI, Nova Scotia, New Brunswick and the three territories July 2012.

Multilateral Instrument 32-102 Registration Exemptions for Non-Resident Investment Fund Managers Securities regulators in Ontario, Québec and Newfoundland and Labrador July 2012.

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The 2012 annual report of the OSC staff referred to above provides additional discussion about issues specific to IFMs. New IFM registration instruments came into force on September 28, 2012 and required filings by specific deadlines.

See Two Distinct Regulatory Approaches for Non-Resident Investment Fund Managers Finalized in Canada – Effective September 28, 2012 Investment Management Bulletin July 2012 Borden Ladner Gervais LLP.

Consultation on Possible Options for the Incorporation of Individual Representatives of Registered Dealers and Advisers in Canada Working Group of Provincial/Territorial Government Officials December 2010.

Consultation on Possible Options for the Incorporation of Individual Representatives of Registered Dealers and Advisers in Canada: Summary of Consultation Responses Working Group of Provincial/Territorial Government Officials June 2011.

Bill 14 An Act to Amend The Securities Act, 1988 Legislative Assembly of Saskatchewan May 2012 (as amended).

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A working group of representatives of various provincial and territorial governments is developing a proposed legislative model which would allow representatives of dealers and advisers to set up personal corporations and operate their securities businesses through these corporations. Bill 14 of the Saskatchewan government is the first legislative model that would so permit incorporated representatives (dealers and advisers). It has received royal assent in Saskatchewan, but has not been proclaimed in force. The working group of provincial/territorial governments requested comments on both Bill 14 and their "key elements" document (which was based on Bill 14) by April 30, 2012. Further consultation is expected.

CSA Implementation of Stage 2 of Point of Sale Disclosure for Mutual Funds – Delivery of Fund Facts Notice of Amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure, Form 81-101F3 Contents of Fund Facts Document, Companion Policy 81-101 CP and other consequential amendments June 2013.

OSC Staff Notice 81-721 Frequently Asked Questions on the Implementation of Stage 2 of Point of Sale Disclosure for Mutual Funds – Delivery of Fund Facts September 2013

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The "Stage 2" point of sale amendments to NI 81-101 came into force on September 1, 2013. All mutual funds must file amended Fund Facts by May 13, 2014 and dealers will be required to deliver Fund Facts in lieu of the simplified prospectus within two days of trades on and after June 13, 2014.

See Canadian Securities Regulators Finalize New Format for Fund Facts and Mandate Delivery Effective June 13, 2014. Investment Management Bulletin June 2013 Borden Ladner Gervais LLP.

See Exchange Traded Funds in Canada: OSC Requires Summary Disclosure Documents and IOSCO Releases Final Report on Principles of Regulation Investment Management Bulletin August 2013 Borden Ladner Gervais LLP.

Notice of (final) Amendments to NI 81-102 Mutual Funds, NI 81-106 Investment Fund Continuous Disclosure, NI 81-101 Mutual Fund Prospectus Disclosure and NI 41-101 General Prospectus Requirements CSA February 2012.

CSA Notice and Request for Comments Proposed Amendments to National Instrument 81-102 Mutual Funds and Companion Policy 81-102CP Mutual Funds and Related Consequential Amendments and other Matters Concerning National Instrument 81-104 Commodity Pools and Securities Lending, Repurchases and Reverse Repurchases by Investment Funds – Modernization of Investment Fund Product Regulation (Phase 2) March 2013.

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The first phase of the CSA's modernization project was finalized with the amendments to NI 81-102, NI 81-101, NI 81-106 and NI 41-101 which came into force on April 30, 2012. The amendments affecting money market funds came into force on October 30, 2012.

See Updated Mutual Fund Rules Finalized in Canada for ETFs, Money Market Funds, Short Selling and Fund of Funds Investment Management Bulletin February 2012 Borden Ladner Gervais LLP.

See Changes Ahead for Canadian Money Market Funds? How will IOSCO's Recent Policy Recommendations Play out in Canada? Investment Management Bulletin October 2012 Borden Ladner Gervais LLP.

Comment period on the proposals for closed-end funds and alternative funds was extended and ended August 23, 2013. Comment letters, including comments from Borden Ladner Gervais LLP being considered by the CSA and available on the OSC website.

See Moving Beyond Mutual Funds – New Proposed Regulations for Public Closed-End Funds and "Alternative Funds" Investment Management Bulletin April 2013 Borden Ladner Gervais LLP.

CSA Discussion Paper and Request for Comment 81-407 Mutual Fund Fees December 2012.

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Comment period on the CSA Discussion Paper ended April 11, 2013. Comment letters, including comments from Borden Ladner Gervais LLP being considered by the CSA and available on the OSC website.Roundtable discussions held during June 2013 at the OSC.

OSC Staff Notice 81-713 Focussed Disclosure Review National Instrument 81-107 Independent Review Committee for Investment Funds March 2011.

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OSC Staff Notice describes the results of OSC staff's review of IRC and NI 81-107 related disclosure and makes suggestions for improvements.

See Additional Regulatory Guidance for Canadian Fund Managers and Independent Review Committees Investment Management Bulletin April 2011 Borden Ladner Gervais LLP.

Proposed National Instrument 41-103 Supplementary Prospectus Disclosure Requirements for Securitized Products, Proposed National Instrument 51-106 Continuous Disclosure Requirements for Securitized Products and Proposed Amendments to National Instrument 45-106 Prospectus and Registration Exemptions. April 2011.

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CSA propose a specific securitized products regime, including new restrictions on distribution in the exempt marketplace. Comment period ended August 31, 2011, comments being considered by the CSA and available on OSC website. Further publication expected in December 2013 or January 2014.

See New Securitized Products Rules Proposed Securities & Capital Markets Alert April 2011 Borden Ladner Gervais LLP.

CSA Implementation of a New Tailored Prospectus Form for Scholarship Plans – Notice of Amendments to National Instrument 41-101 General Prospectus Requirements, Form 41-101F2, Form 41-101F3 and Companion Policy 41-101CP Companion Policy to National Instrument 41-101 General Prospectus Requirements January 2013.

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Amendments to National Instrument 41-101 came into force on May 31, 2013 and require scholarship plans to renew their prospectuses filed after that date according to the new form requirements (Plan Summary and Detailed Plan Disclosure).

OSC Staff Notice 33-733 Report on Focused Reviews of Investment Funds, September 2008 – September 2009. January 2010.

CSA Notice Multilateral Staff Notice 46-306 Third Update on Principal Protected Notes August 2012.

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OSC Staff Notice reports on findings from focused reviews of money market funds, hedge funds and structured products (nonredeemable investment funds) conducted from September 2008 – September 2009. See also the discussion in the OSC's 2011 Compliance and Registrant Regulation Branch report regarding the linkages between systemic risk and hedge funds.

See Hedge Fund Managers: Your 2013 Annual Compliance Check-up – Quick Tips on Doing a Self-Diagnosis Investment Management Bulletin September 2013 Borden Ladner Gervais LLP.

OSC Staff Notice 81-715 Cross-Listings by Foreign Exchange Traded Funds August 2011.

OSC Staff Notice 81-718 2012 Summary Report for Investment Fund Issuers January 2013.

OSC Staff Notice 81-719 Effect of Proposed Income Tax Act Amendments on Investment Funds – Character Conversion Transactions April 2013.

OSC Staff Notice 81-722 Mortgage Investment Entities and Investment Funds September 2013.

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Various reports from the OSC staff highlight compliance issues significant to publicly offered investment funds. Various editions of the OSC's Investment Funds Branch Practitioner are also available on the OSC website and point out compliance and other issues noted by OSC staff.

Amendments (final) to National Instrument 41-101 General Prospectus Requirements and related instruments, including National Instrument 81-101 Prospectus Disclosure for Mutual Funds February 2013.

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New technical amendments to NI 81-101 and NI 41-101 to reflect updated practice rules became effective May 14, 2013.

OSC Staff Notice 81-707 Report on Staff's Continuous Disclosure Review of Portfolio Holdings by Investment Funds August 2012.

Activity Report for the Continuous Disclosure Review Program AMF October 2012.

OSC Staff Notice 81-720 Report on Staff's Continuous Disclosure Review of Sales Communications by Investment Funds July 2013.

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OSC and AMF staff reports outline common deficiencies with investment fund continuous disclosure including sales communications and highlight staff's continued focus on continuous disclosure reviews.

CSA Staff Consultation Note 45-401 Review of Minimum Amount and Accredited Investor Exemptions Public Consultation CSA November 2011.

Multilateral CSA Staff Notice 45-309 Guidance for Preparing and Filing an Offering Memorandum under National Instrument 45-106 Prospectus and Registration Exemptions April 2012.

CSA Staff Notice 45-308 Guidance for Preparing and Filing Reports of Exempt Distribution under National Instrument 45-106 Prospectus and Registration Exemptions April 2012.

CSA Staff Notice 45-310 Update on CSA Staff Consultation Note 45-401 Review of Minimum Amount and Accredited Investor Exemptions. June 2012.

OSC Staff Consultation Paper 45-710 Considerations for New Capital Raising Prospectus Exemptions December 2012.

OSC Notice and Request for Comment Amendments to OSC Rule 45-501 Ontario Prospectus and Registration Exemptions and Proposed Amendments to National Instrument 45-106 Prospectus and Registration Exemptions April 2013.

OSC Exempt Market Review OSC Notice 45-712 Progress Report on Review of Prospectus Exemptions to Facilitate Capital Raising August 2013.

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Comment period on Staff Consultation Note about the use of the minimum amount prospectus exemption and the accredited investor prospectus exemption contained in National Instrument 45-106 Prospectus and Registration Exemptions ended February 29, 2012. Comment letters. including comments from Borden Ladner Gervais LLP are available on OSC website. The OSC also held several round table public discussions.

Comment period on the OSC Staff Consultation Paper 45-710 ended March 8, 2013. Comment letters are available on the OSC website. OSC held consultation sessions during January and February 2013. Additional roundtable held in June 2013 for start-ups and SMES.

See Canadian Regulators Commence a Review of Minimum Amount and Accredited Investor Prospectus Exemptions Securities & Capital Markets Bulletin November 2011 Borden Ladner Gervais LLP.

See Preparation and Filing of Offering Memoranda and Reports of Exemption Distribution under National Instrument 45-106 Securities & Capital Markets Bulletin May 2012 Borden Ladner Gervais LLP.

See The OSC Examines Four New Capital Raising Prospectus Exemptions Securities & Capital Markets Bulletin February 2013 Borden Ladner Gervais LLP.

See OSC Continues to Examine New Capital Raising Prospectus Exemptions Securities & Capital Markets Bulletin September 2013 Borden Ladner Gervais LLP.

Joint Forum of Financial Market Regulators Guidelines for Capital Accumulation Plans May 2004.

Amendments to National Instrument 45-106 Prospectus and Registration Exemptions and Adoption of Local Prospectus and Registration Exemptions for Certain Capital Accumulation Plans October 2005.

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All Canadian regulators, other than the OSC and the Québec regulator, granted "blanket" prospectus and registration exemptions to allow mutual funds to be used as investment options for CAPs. No action taken by the CSA for several years on moving forward with this initiative.

CSA Consultation Paper 25-401 Potential Regulation of Proxy Advisory Firms June 2012.

CSA Consultation Paper 54-401 Review of the Proxy Voting Infrastructure August 2013.

CSA Notice 25-301 Update on CSA Consultation Paper 25-401 September 2013.

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Comments on CSA Consultation Paper 25-401 were due by September 21, 2012. Comments available on the OSC website. CSA guidance on recommended practices and disclosures for proxy advisory firms expected to be published in first quarter 2014.

See Securities Regulators to Review Canadian Proxy Voting Infrastructure Securities & Capital Markets Alert August 2013.

(Final) National Instrument 54-101 Communication with Beneficial Owners of Securities of a Reporting Issuer and Companion Policy 54-101CP, National Instrument 51-102 Continuous Disclosure Obligations and its related forms and Companion Policy November 2012.

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The revised amendments to NI 54-101, introduce, among other things a "notice and access" regime for all meetings other than meetings for investment funds and enhanced disclosure regarding the beneficial owner voting process. The new rules came into force in February 2013.

CSA Notice and Request for Comment Proposed Amendments to Multilateral Instrument 62-104 Take-Over Bids and Issuer Bids and National Policy 62-203 Take-Over Bids and Issuers Bids and National Instrument 62-103 Early Warning System and Related Take-over bid and Insider Reporting Issues. March 2013.

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Extended comment period on proposed amendments to early warning and take-over bid requirements ended July 12, 2013.

See Expanded Early Warning Reporting Proposed by Canadian Securities Regulators Securities & Capital Markets Bulletin March 2013 Borden Ladner Gervais LLP.

CSA Consultation Paper 91-401 Over-the- Counter Derivatives Regulation in Canada

CSA Derivatives Committee November 2010.

CSA Consultation Paper 91-402 Derivatives: Trade Repositories June 2011.

CSA Consultation Paper 91-403 Derivatives: Surveillance and Enforcement November 2011.

CSA Consultation Paper 91-404 Derivatives: Segregation and Portability in OTC Derivatives Clearing February 2012.

CSA Consultation Paper 91-405 Derivatives: End-User Exemptions April 2012.

CSA Consultation Paper 91-406 Derivatives: OTC Central Counterparty Clearing June 2012.

CSA Staff Consultation Paper 91-301 Model Provincial Rules – Derivatives: Product Determination and Trade Repositories and Derivatives Data Reporting December 2012.

CSA Consultation Paper 91-407 Derivatives: Registration April 2013.

Proposed OSC Rule 91-506 Derivatives: Product Determination and Companion Policy 91-506CP and Proposed OSC Rule 91-507 Trade Repositories and Derivatives Data Reporting and Companion Policy 91-507CP June 2013.

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Comment periods on CSA Derivatives Committee's first eight consultation papers have ended. Comments available on OSC website. Comment period on OSC proposed rules ended September 6, 2013. Comments available on OSC website.

See Over-the-Counter (OTC) Derivatives market in Canada: On the Road to Reform and Regulation Financial Services Client Update November 2010 Borden Ladner Gervais LLP.

See Model Provincial Rules – Derivatives Product Determination and Trade Repositories and Derivatives Data Reporting Canadian Securities Administrators Release Consultation Paper 91-301 Derivatives Client Alert January 2013 Borden Ladner Gervais LLP.

See Derivatives: Registration Canadian Securities Administrators Release Consultation Paper 91-407 Derivatives Client Alert April 2013 Borden Ladner Gervais LLP.