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OSC takes major first step in derivatives regulation

The country’s largest securities regulator has finalized the first set of sweeping rules that will dictate how over-the-counter derivatives will be governed in Canada.

Following G20 commitments inked in 2009, when the federal government agreed to things such as mandatory derivatives clearing, the Ontario Securities Commission met with myriad industry players and regulators to suss out best practices for derivatives regulation. Those efforts ramped up in the past year, and the OSC has now released its final guidelines for when and how these opaque derivative trades must be reported.