THE MANITOBA SECURITIES COMMISSION MSC Rule No. 2014-19 (Section 149.1, The Securities Act) AMENDMENTS TO MANITOBA SECURITIES COMMISSION RULE 91-507 TRADE REPOSITORIES AND DERIVATIVES DATA REPORTING 1. Manitoba Securities Commission Rule 91-507 Trade Repositories and Derivatives Data Reporting is amended by this Instrument. 2. Section 1(1) of MSC Rule 91-507 is amended by inserting, after the definition of the term "participant": "reporting clearing agency" means either of the following: (a) a person or company recognized or exempted from recognition as a clearing agency under securities legislation in the local jurisdiction; (b) a clearing agency that has provided a written undertaking to the regulator or securities regulatory authority to act as the reporting counterparty with respect to transactions cleared by it that are subject to the reporting obligations under this Instrument; 3. Section 25 is replaced with the following: 25(1) The reporting counterparty with respect to a transaction involving a local counterparty is (a) if the transaction is cleared through a reporting clearing agency, the reporting clearing agency, (b) if paragraph (a) does not apply to the transaction and the transaction is between a derivatives dealer and a counterparty that is not a derivatives dealer, the derivatives dealer, (c) if neither paragraph (a) nor (b) apply to the transaction and the transaction is between a Canadian financial institution that is not a derivatives dealer and a counterparty that is not a Canadian financial institution or a derivatives dealer, the Canadian financial institution, (d) if none of paragraphs (a) to (c) apply to the transaction and the counterparties have, at the time the transaction occurs, agreed in writing that one of them will be the reporting counterparty, the counterparty determined to be the reporting counterparty under the terms of that agreement, and (e) in each other case, each local counterparty to the transaction. 25(2) Each local counterparty to a transaction to which paragraph (1)(d) applies must keep a record of the written agreement referred to in paragraph (1)(d) for 7 years after the date on which the transaction expires or terminates. 25(3) The records required to be maintained under subsection (2) must be (a) kept in a safe location and in a durable form, and (b) provided to the regulator within a reasonable time following request.
25(4) No later than the end of the 5 th day after the day of execution of a transaction to which paragraph (1)(e) applies, each local counterparty to the transaction must submit to the regulator, in an electronic format, a document identifying both (a) the unique transaction identifier assigned to the transaction by the recognized trade repository to which the local counterparty reported the transaction, and (b) the unique transaction identifier assigned to the transaction by the recognized trade repository to which the other local counterparty reported the transaction. 4. This Instrument may be cited as MSC Rule 2014-19.
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