ARTICLE
8 January 2014

OSC Gains Derivatives Rule-Making Authority

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As of December 31, 2013, certain derivatives-related amendments to the Ontario "Securities Act" primarily relating to the rule-making authority of the Ontario Securities Commission have come into force.
Canada Corporate/Commercial Law

As of December 31, 2013, certain derivatives-related amendments to the Ontario Securities Act (OSA) primarily relating to the rule-making authority of the Ontario Securities Commission have come into force.

Among other things, the OSC now has the authority to make rules in respect of prescribing registration requirements in respect of persons or companies trading in derivatives, prescribing classes of derivatives that are deemed to be securities for the purposes of prescribed provisions of the OSA, prescribing requirements for investment funds in respect of derivatives and prescribing requirements relating to derivatives, including disclosure and record keeping requirements.

As previously discussed, these amendments can be found in Ontario's Bill 135, the Helping Ontario Families Managing Responsibility Act 2010, which received Royal Assent on December 8, 2010. Despite these recent amendments to the OSA, a number of amendments remain unproclaimed.

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