The Alberta Securities Commission released a staff notice last week to provide an update on the progress made towards revising the statutory framework for OTC derivatives trading in the province.
Specifically, the fall session of Alberta's legislature ended prior to adoption of Bill 42, which would have amended the province's Securities Act to provide the ASC with the authority to make rules dealing with OTC derivatives. The amendments would also have sought to harmonize Alberta's derivatives regulations with those of other Canadian jurisdictions. Accordingly, until such time that similar legislation is reintroduced, the regulation of OTC derivatives in Alberta will continue under current rules.
As we've previously discussed, amendments related to providing securities regulators with rule-making authority, and rules emanating from the regulators themselves, have recently come into force in Ontario, Quebec and Manitoba.
For more information, see ASC Staff Notice 91-704.
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