203_2016 — Multilateral Instrument 96-101 Derivatives: Trade Reporting

1

Definitions and Interpretation

s. 1 — Definitions and interpretation

s. 1(1)

In this Instrument,

s. 1(1) — accounting principles

accounting principles means accounting principles as defined in National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards;

s. 1(1) — asset class

asset class means the category of the underlying interest of a derivative and includes, for greater certainty, interest rate, foreign exchange, credit, equity and commodity;

s. 1(1) — auditing standards

auditing standards means auditing standards as defined in National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards;

s. 1(1) — board of directors

board of directors means, in the case of a recognized trade repository that does not have a board of directors, a group of individuals that acts in a capacity similar to a board of directors;

s. 1(1) — collateral and margin data

collateral and margin data means data relating to collateral or margin posted or collected as of the date of reporting, in respect of the data elements listed in Appendix A under the headings "Data Elements Related to Collateral and Margin" or "Data Elements Related to Actions and Events";

s. 1(1) — commodity derivative

commodity derivative means a derivative for which the only underlying interest is a commodity other than currency;

s. 1(1) — creation data

creation data means data in respect of the data elements listed in Appendix A, other than under the headings "Data Elements Related to Collateral and Margin" and "Data Elements Related to Valuation";

s. 1(1) — derivatives data

derivatives data means all data that is required to be reported under Part 3;

s. 1(1) — derivatives dealer

derivatives dealer means either of the following:

s. 1(1)(a)

a person or company engaging in or holding themself out as engaging in the business of trading in derivatives as principal or agent;

s. 1(1)(b)

any other person or company required to be registered as a derivatives dealer under securities legislation;

s. 1(1) — Derivatives Service Bureau

Derivatives Service Bureau means the subsidiary of the Association of National Numbering Agencies incorporated as The Derivatives Service Bureau (DSB) Limited and designated by the Financial Stability Board as both the service provider for the unique product identifier system for derivatives and the operator of the unique product identifier reference data library or, except in British Columbia, any successor thereto;

s. 1(1) — facility for trading derivatives

facility for trading derivatives means any of the following:

s. 1(1)(a)

a marketplace as defined in National Instrument 21-101 Marketplace Operation;

s. 1(1)(b)

a swap execution facility as defined in the Commodity Exchange Act, 7 U.S.C. §a (50) (United States of America), as amended from time to time;

s. 1(1)(c)

a security-based swap execution facility as defined in the 1934 Act;

s. 1(1)(d)

a multilateral trading facility as defined in Directive 2014/65/EU Article 4 (1) (22) of the European Parliament, as amended from time to time;

s. 1(1)(e)

an organized trading facility as defined in Directive 2014/65/EU Article 4 (1) (23) of the European Parliament, as amended from time to time;

s. 1(1)(f)

a person or company that performs a similar function to a person or company described in any of the paragraphs (a) to (e), including, for greater certainty, a person or company in a foreign jurisdiction;

s. 1(1) — Global LEI System

Global LEI System means the system for unique identification of parties to financial transactions developed by the Legal Entity Identifier System Regulatory Oversight Committee;

s. 1(1) — interim period

interim period means interim period as defined in subsection 1.1 (1) of National Instrument 51-102 Continuous Disclosure Obligations;

s. 1(1) — Legal Entity Identifier System Regulatory Oversight Committee

Legal Entity Identifier System Regulatory Oversight Committee means the international working group established by the finance ministers and the central bank governors of the Group of Twenty nations and the Financial Stability Board, under the Charter of the Regulatory Oversight Committee for the Global Legal Entity Identifier System dated November 5, 2012;

s. 1(1) — lifecycle event

lifecycle event means an event that results in a change to derivatives data reported to a recognized trade repository in respect of a derivative;

s. 1(1) — lifecycle event data

lifecycle event data means changes to creation data resulting from a lifecycle event and data in respect of the data elements listed in Appendix A under the heading "Data Elements Related to Actions and Events";

s. 1(1) — local counterparty

local counterparty means a counterparty to a derivative if, at the time of a transaction, one or more of the following apply:

s. 1(1)(a)

the counterparty is a person or company, other than an individual, to which one or more of the following apply:

s. 1(1)(a)(i)

it is organized under the laws of the local jurisdiction;

s. 1(1)(a)(ii)

its head office is in the local jurisdiction;

s. 1(1)(a)(iii)

its principal place of business is in the local jurisdiction;

s. 1(1)(b)

the counterparty is a derivatives dealer in the local jurisdiction;

s. 1(1)(c)

the counterparty is an affiliated entity of a person or company to which paragraph (a) applies and the person or company is liable for all or substantially all of the liabilities of the counterparty;

s. 1(1) — notional amount threshold derivatives dealer

notional amount threshold derivatives dealer means a derivatives dealer to which subsection 44 (1) or 44 (2) of National Instrument 93-101 Derivatives: Business Conduct applies;

s. 1(1) — participant

participant means a person or company that has entered into an agreement with a recognized trade repository to access the services of the recognized trade repository;

s. 1(1) — position level data

position level data means the lifecycle event data, valuation data and collateral and margin data, each reported on an aggregated basis;

s. 1(1) — publicly accountable enterprise

publicly accountable enterprise means a publicly accountable enterprise as defined in Part 3 of National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards;

s. 1(1) — qualified reporting counterparty

qualified reporting counterparty means a reporting counterparty that is any of the following:

s. 1(1)(a)

a derivatives dealer;

s. 1(1)(b)

a reporting clearing agency;

s. 1(1)(c)

an affiliated entity of a person or company referred to in paragraph (a) or (b);

s. 1(1) — reporting clearing agency

reporting clearing agency means either of the following:

s. 1(1)(a)

a person or company recognized or exempted from recognition as a clearing agency under securities legislation;

s. 1(1)(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 derivatives cleared by it that are subject to this Instrument;

s. 1(1) — reporting counterparty

reporting counterparty has the same meaning as in subsection 25 (1);

s. 1(1) — transaction

transaction means any of the following:

s. 1(1)(a)

entering into, assigning, selling or otherwise acquiring or disposing of a derivative;

s. 1(1)(b)

the novation of a derivative;

s. 1(1) — U.S. AICPA GAAS

U.S. AICPA GAAS means auditing standards of the American Institute of Certified Public Accountants, as amended from time to time;

s. 1(1) — U.S. GAAP

U.S. GAAP means generally accepted accounting principles in the United States of America that the SEC has identified as having substantial authoritative support, as supplemented by Regulation S-X under the 1934 Act, as amended from time to time;

s. 1(1) — U.S. PCAOB GAAS

U.S. PCAOB GAAS means auditing standards of the Public Company Accounting Oversight Board (United States of America), as amended from time to time;

s. 1(1) — user

user means, in respect of a recognized trade repository, a counterparty to a derivative that has been reported to the recognized trade repository under this Instrument including, for greater certainty, a delegate of a counterparty acting in its delegated capacity;

s. 1(1) — UTI

UTI means unique transaction identifier;

s. 1(1) — validation procedure

validation procedure means a written rule, policy or procedure reasonably designed to ensure that the derivatives data reported under this Instrument satisfies the data elements listed in Appendix A;

s. 1(1) — valuation data

valuation data means data in respect of the data elements listed in Appendix A under the headings "Data Elements Related to Valuation" or "Data Elements Related to Actions and Events".

s. 1(2)

In this Instrument, a person or company is an affiliated entity of another person or company if one of them controls the other or if each of them is controlled by the same person or company.

s. 1(3)

In this Instrument, a person or company (the first party) is considered to control another person or company (the second party) if any of the following apply:

s. 1(3)(a)

the first party beneficially owns or directly or indirectly exercises control or direction over securities of the second party carrying votes which, if exercised, would entitle the first party to elect a majority of the directors of the second party unless the first party holds the voting securities only to secure an obligation;

s. 1(3)(b)

the second party is a partnership, other than a limited partnership, and the first party holds more than 50% of the interests of the partnership;

s. 1(3)(c)

all of the following apply:

s. 1(3)(c)(i)

the second party is a limited partnership;

s. 1(3)(c)(ii)

the first party is a general partner of the limited partnership referred to in subparagraph (i);

s. 1(3)(c)(iii)

the first party has the power to direct the management and policies of the second party by virtue of being a general partner of the second party;

s. 1(3)(d)

all of the following apply:

s. 1(3)(d)(i)

the second party is a trust;

s. 1(3)(d)(ii)

the first party is a trustee referred to in subparagraph (i);

s. 1(3)(d)(iii)

the first party has the power to direct the management and policies of the second party by virtue of being a trustee of the second party.

s. 1(4)

In this Instrument, derivative means a "specified derivative" as defined in Multilateral Instrument 91-101 Derivatives: Product Determination.

s. 1(5)

In this Instrument, trade repository means

s. 1(5)(a)

in Newfoundland and Labrador, Northwest Territories, Nunavut, Prince Edward Island and Yukon, a quotation and trade reporting system for derivatives, and

s. 1(5)(b)

in Nova Scotia, a derivatives trade repository.

s. 1(6)

Despite subsections (2) and (3), an investment fund is not an affiliated entity of another person or company for the purposes of this Instrument.

s. 1(7)

For the purpose of subsection (6), investment fund has the meaning ascribed to it in National Instrument 81-106 Investment Fund Continuous Disclosure.

2

Trade Repository Recognition and Ongoing Requirements

s. 2 — Filing of initial information on application for recognition as a trade repository

s. 2(1)

A person or company applying for recognition as a trade repository must file Form 96-101F1 Application for Recognition — Trade Repository Information Statement as part of its application.

s. 2(2)

A person or company applying for recognition as a trade repository whose head office or principal place of business is located in a foreign jurisdiction must file Form 96-101F2 Trade Repository Submission to Jurisdiction and Appointment of Agent for Service of Process.

s. 2(3)

No later than the 7th day after becoming aware of an inaccuracy in or making a change to the information provided in Form 96-101F1, a person or company that has filed Form 96-101F1 must file an amendment to Form 96-101F1 in the manner set out in Form 96-101F1.

s. 3 — Change in information by a recognized trade repository

s. 3(1)

A recognized trade repository must not implement a significant change to a matter set out in Form 96-101F1 Application for Recognition — Trade Repository Information Statement unless it has filed an amendment to the information provided in Form 96-101F1 in the manner set out in Form 96-101F1 no later than 45 days before implementing the change.

s. 3(2)

Despite subsection (1), a recognized trade repository must not implement a change to a matter set out in Exhibit I (Fees) of Form 96-101F1 unless it has filed an amendment to the information provided in Exhibit I no later than 15 days before implementing the change.

s. 3(3)

For a change to a matter set out in Form 96-101F1 other than a change referred to in subsection (1) or (2), a recognized trade repository must file an amendment to the information provided in Form 96-101F1 at least annually.

s. 4 — Filing of initial audited financial statements

s. 4(1)

A person or company applying for recognition as a trade repository must file audited financial statements for its most recently completed financial year as part of its application for recognition as a trade repository.

s. 4(2)

The financial statements referred to in subsection (1) must

s. 4(2)(a)

be prepared in accordance with one of the following:

s. 4(2)(a)(i)

Canadian GAAP applicable to publicly accountable enterprises;

s. 4(2)(a)(ii)

IFRS;

s. 4(2)(a)(iii)

U.S. GAAP, if the person or company is incorporated or organized under the laws of the United States of America or a jurisdiction of the United States of America,

s. 4(2)(b)

identify in the notes to the financial statements the accounting principles used to prepare the financial statements,

s. 4(2)(c)

disclose the presentation currency, and

s. 4(2)(d)

be audited in accordance with one of the following:

s. 4(2)(d)(i)

Canadian GAAS;

s. 4(2)(d)(ii)

International Standards on Auditing;

s. 4(2)(d)(iii)

U.S. AICPA GAAS or U.S. PCAOB GAAS, if the person or company is incorporated or organized under the laws of the United States of America or a jurisdiction of the United States of America.

s. 4(3)

The financial statements referred to in subsection (1) must be accompanied by an auditor's report that

s. 4(3)(a)

is prepared in accordance with the same auditing standards used to conduct the audit and,

s. 4(3)(a)(i)

if prepared in accordance with Canadian GAAS or International Standards on Auditing, expresses an unmodified opinion, or

s. 4(3)(a)(ii)

if prepared in accordance with U.S. AICPA GAAS or U.S. PCAOB GAAS, expresses an unqualified opinion,

s. 4(3)(b)

identifies all financial periods presented for which the auditor has issued the auditor's report,

s. 4(3)(c)

identifies the auditing standards used to conduct the audit,

s. 4(3)(d)

identifies the accounting principles used to prepare the financial statements, and

s. 4(3)(e)

is prepared and signed by a person or company that is authorized to sign an auditor's report under the laws of a jurisdiction of Canada or a foreign jurisdiction, and that meets the professional standards of that jurisdiction.

s. 5 — Filing of annual audited and interim financial statements by a recognized trade repository

s. 5(1)

A recognized trade repository must file annual audited financial statements that comply with subsections 4 (2) and (3) no later than the 90th day after the end of its financial year.

s. 5(2)

A recognized trade repository must file interim financial statements no later than the 45th day after the end of each interim period.

s. 5(3)

The interim financial statements referred to in subsection (2) must

s. 5(3)(a)

be prepared in accordance with one of the following:

s. 5(3)(a)(i)

Canadian GAAP applicable to publicly accountable enterprises;

s. 5(3)(a)(ii)

IFRS;

s. 5(3)(a)(iii)

U.S. GAAP, if the person or company is incorporated or organized under the laws of the United States of America or a jurisdiction of the United States of America, and

s. 5(3)(b)

identify in the notes to the financial statements the accounting principles used to prepare the financial statements.

s. 6 — Ceasing to carry on business

s. 6(1)

A recognized trade repository that intends to cease carrying on business as a trade repository in the local jurisdiction must file a report on Form 96-101F3 Cessation of Operations Report for Recognized Trade Repository no later than the 180th day before the date on which it intends to cease carrying on that business.

s. 6(2)

A recognized trade repository that involuntarily ceases to carry on business as a trade repository in the local jurisdiction must file a report on Form 96-101F3 as soon as practicable after it ceases to carry on that business.

s. 7 — Legal framework

s. 7(1)

A recognized trade repository must establish, implement and maintain clear and transparent written rules, policies and procedures that are reasonably designed to ensure that

s. 7(1)(a)

each material aspect of its activities complies with applicable laws,

s. 7(1)(b)

its rules, policies, procedures and contracts are consistent with applicable laws, and that any material risk arising from a conflict between the laws of the local jurisdiction and the laws of another jurisdiction of Canada or a foreign jurisdiction that apply to a contract with its users is reasonably mitigated,

s. 7(1)(c)

the rights and obligations of its users and owners with respect to the use of derivatives data reported to the recognized trade repository are clear and transparent, and

s. 7(1)(d)

where a reasonable person would conclude that it is appropriate to do so, any agreement that it enters into clearly states service levels, rights of access, protection of confidential information, possession of intellectual property rights, and levels of operational reliability of the recognized trade repository's systems, as applicable.

s. 7(2)

Without limiting the generality of subsection (1), a recognized trade repository must implement rules, policies and procedures that clearly establish the status of records of contracts for derivatives reported to the trade repository and whether those records of contracts are the legal contracts of record.

s. 7(3)

In British Columbia, for greater certainty, the rules, policies and procedures required under subsection (1) must not be contrary to the public interest.

s. 8 — Governance

s. 8(0.1)

A recognized trade repository must establish

s. 8(0.1)(a)

an organizational structure identifying responsibilities and direct lines of accountability, including, for greater certainty, roles and responsibilities in relation to the identification, measurement, monitoring and management of material risks,

s. 8(0.1)(b)

a risk management framework that includes the tolerance levels for the identified risks of the recognized trade repository,

s. 8(0.1)(c)

a process for making decisions, including, for greater certainty, making decisions relating to crises and emergencies, and

s. 8(0.1)(d)

rules of accountability in respect to decisions relating to risk.

s. 8(1)

A recognized trade repository must establish, implement and maintain clear and transparent written governance arrangements that are reasonably designed to do each of the following:

s. 8(1)(a)

provide for internal controls;

s. 8(1)(b)

provide for the safety of the recognized trade repository;

s. 8(1)(b.1)

ensure that participants can efficiently access its derivatives data reporting services;

s. 8(1)(c)

ensure oversight of the recognized trade repository;

s. 8(1)(d)

support the stability of the financial system and other relevant public interest considerations;

s. 8(1)(e)

balance the interests of relevant stakeholders.

s. 8(2)

A recognized trade repository must establish, implement and maintain written rules, policies and procedures reasonably designed to identify and manage or resolve conflicts of interest.

s. 8(3)

A recognized trade repository must disclose on its website, in a manner that is easily accessible to the public,

s. 8(3)(a)

the governance arrangements required under subsection (1), and

s. 8(3)(b)

the rules, policies and procedures required under subsection (2).

s. 9 — Board of directors

s. 9(1)

A recognized trade repository must have a board of directors.

s. 9(2)

The board of directors of a recognized trade repository must include

s. 9(2)(a)

individuals who have sufficient skill and experience to effectively oversee the management of its operations in accordance with all relevant laws, and

s. 9(2)(b)

reasonable representation by individuals who are independent of the recognized trade repository.

s. 9(3)

The board of directors of a recognized trade repository must, in consultation with the chief compliance officer of the recognized trade repository, manage or resolve conflicts of interest identified by the chief compliance officer.

s. 9(4)

A recognized trade repository must establish, implement and maintain policies and procedures to review on a regular basis the overall performance of the board of directors and the performance of each board member.

s. 10 — Management

s. 10(1)

A recognized trade repository must establish, implement and maintain written policies and procedures that

s. 10(1)(a)

specify the roles and responsibilities of management, and

s. 10(1)(b)

ensure that management has sufficient skill and experience to effectively discharge its roles and responsibilities.

s. 10(2)

A recognized trade repository must notify the regulator or securities regulatory authority no later than the 5th business day after appointing or replacing its chief compliance officer, chief executive officer or chief risk officer.

s. 11 — Chief compliance officer

s. 11(1)

The board of directors of a recognized trade repository must appoint a chief compliance officer with sufficient skill and experience to effectively serve in that capacity.

s. 11(2)

The chief compliance officer of a recognized trade repository must report directly to the board of directors of the recognized trade repository or, if so directed by the board of directors, to the chief executive officer of the recognized trade repository.

s. 11(3)

The chief compliance officer of a recognized trade repository must

s. 11(3)(a)

establish, implement and maintain written rules, policies and procedures designed to identify and resolve conflicts of interest,

s. 11(3)(b)

establish, implement and maintain written rules, policies and procedures designed to ensure that the recognized trade repository complies with securities legislation,

s. 11(3)(c)

monitor compliance with the rules, policies and procedures required under paragraphs (a) and (b) on an ongoing basis,

s. 11(3)(d)

report to the board of directors of the recognized trade repository as soon as practicable upon becoming aware of a circumstance indicating that the recognized trade repository, or an individual acting on its behalf, has not complied with securities legislation in any jurisdiction, including a foreign jurisdiction, in which it operates and any of the following apply:

s. 11(3)(d)(i)

the non-compliance creates a risk of harm to a user;

s. 11(3)(d)(ii)

the non-compliance creates a risk of harm to the capital markets;

s. 11(3)(d)(iii)

the non-compliance is part of a pattern of non-compliance;

s. 11(3)(d)(iv)

the non-compliance could impact the ability of the recognized trade repository to carry on business as a trade repository in compliance with securities legislation,

s. 11(3)(e)

report to the board of directors of the recognized trade repository as soon as practicable upon becoming aware of a conflict of interest that creates a risk of harm to a user or to the capital markets, and

s. 11(3)(f)

prepare and certify an annual report assessing compliance by the recognized trade repository, and individuals acting on its behalf, with securities legislation and submit the report to the board of directors.

s. 11(4)

Concurrently with submitting a report under paragraph (3) (d), (e) or (f), the chief compliance officer must file a copy of the report with the regulator or securities regulatory authority.

s. 12 — Fees

A recognized trade repository

s. 12(a)

must not impose any fees or other material charges on its participants that are unfairly allocated among those participants,

s. 12(b)

must, at all times, disclose on its website fees and other material charges imposed by it on its participants for each service it offers with respect to the collection and maintenance of derivatives data, and

s. 12(c)

must review the fees and other material charges on a regular basis at least once every 2 calendar years.

s. 13 — Access to recognized trade repository services

s. 13(1)

A recognized trade repository must establish, implement and maintain written objective risk-based criteria for participation that permit fair and open access to the services it provides.

s. 13(2)

A recognized trade repository must disclose the criteria referred to in subsection (1) on its website in a manner that is easily accessible to the public.

s. 13(3)

A recognized trade repository must not do any of the following:

s. 13(3)(a)

unreasonably prevent, condition or limit access by a person or company to the services offered by it;

s. 13(3)(b)

unreasonably discriminate between or among its participants;

s. 13(3)(c)

impose an unreasonable barrier to competition;

s. 13(3)(d)

require a person or company to use or purchase another service to utilize the trade reporting service offered by the trade repository.

s. 14 — Receiving derivatives data

A recognized trade repository must not refuse to receive derivatives data from a participant for all derivatives of an asset class set out in the recognition order for the trade repository and in respect of all data elements listed in Appendix A.

s. 15 — Communication procedures and standards

A recognized trade repository must use or accommodate relevant internationally accepted communication procedures and standards that facilitate the efficient exchange of data between its systems and those of

s. 15(a)

its participants,

s. 15(b)

other trade repositories,

s. 15(c)

clearing agencies, exchanges and other platforms that facilitate derivatives transactions, and

s. 15(d)

its service providers.

s. 16 — Due process

s. 16(1)

Before making a decision that directly and adversely affects a participant or an applicant that applies to become a participant, a recognized trade repository must give the participant or applicant an opportunity to be heard.

s. 16(2)

A recognized trade repository must keep records of, give reasons for and provide for reviews of its decisions, including, for each applicant, the reasons for granting, denying or limiting access.

s. 17 — Rules, policies and procedures

s. 17(1)

A recognized trade repository must have rules, policies and procedures that

s. 17(1)(a)

allow a reasonable participant to understand each of the following:

s. 17(1)(a)(i)

the participant's rights, obligations and material risks resulting from being a participant of the recognized trade repository;

s. 17(1)(a)(ii)

the fees and other charges that the participant may incur in using the services of the recognized trade repository,

s. 17(1)(b)

allow a reasonable user to understand the conditions of accessing derivatives data relating to a derivative to which it is a counterparty, and

s. 17(1)(c)

are reasonably designed to govern all aspects of the services it offers with respect to the collection and maintenance of derivatives data and other information relating to a derivative.

s. 17(2)

The rules, policies and procedures of a recognized trade repository must not be inconsistent with securities legislation.

s. 17(3)

A recognized trade repository must monitor compliance with its rules, policies and procedures on an ongoing basis.

s. 17(4)

A recognized trade repository must establish, implement and maintain written rules, policies and procedures that provide appropriate sanctions for violations of its rules, policies and procedures applicable to its participants.

s. 17(5)

A recognized trade repository must disclose on its website, in a manner that is easily accessible to the public,

s. 17(5)(a)

the rules, policies and procedures required under this section, and

s. 17(5)(b)

its procedures for adopting new rules, policies and procedures or amending existing rules, policies and procedures.

s. 18 — Records of data reported

s. 18(1)

A recognized trade repository must have recordkeeping procedures reasonably designed to ensure that it records derivatives data without error or omission and on a timely basis.

s. 18(2)

A recognized trade repository must keep, in a safe location and in a durable form, records of derivatives data for 7 years after the date on which the derivative expires or terminates.

s. 18(3)

A recognized trade repository must create and maintain at least one copy of each record of derivatives data required to be kept under subsection (2), for the same period as referenced in subsection (2), in a safe location and in a durable form, separate from the location of the original record.

s. 19 — Comprehensive risk-management framework

A recognized trade repository must establish, implement and maintain a written risk-management framework reasonably designed to comprehensively manage risks including general business, legal and operational risks.

s. 20 — General business risk

s. 20(1)

A recognized trade repository must establish, implement and maintain appropriate systems, controls and procedures reasonably designed to identify, monitor, and manage its general business risk.

s. 20(2)

Without limiting the generality of subsection (1), a recognized trade repository must hold sufficient insurance coverage and liquid net assets funded by equity to cover potential general business losses in order that it can continue operations and services as a going concern and in order to achieve a recovery or an orderly wind-down if those losses materialize.

s. 20(3)

For the purposes of subsection (2), a recognized trade repository must hold, at a minimum, liquid net assets funded by equity equal to 6 months of current operating expenses.

s. 20(4)

A recognized trade repository must have policies and procedures reasonably designed to identify scenarios that could potentially prevent it from being able to provide its critical operations and services as a going concern and to assess the effectiveness of a full range of options for an orderly wind-down.

s. 20(5)

A recognized trade repository must establish, implement and maintain written rules, policies and procedures reasonably designed to facilitate its orderly wind-down based on the results of the assessment required by subsection (4).

s. 20(6)

A recognized trade repository must establish, implement and maintain written rules, policies and procedures reasonably designed to ensure that it or a successor entity, insolvency administrator or other legal representative will be able to continue to comply with the requirements of subsection 6 (2) and section 37 in the event of the bankruptcy or insolvency of the recognized trade repository or the wind-down of the recognized trade repository's operations.

s. 21 — System and other operational risks

s. 21(1)

A recognized trade repository must establish, implement and maintain appropriate systems, controls and procedures reasonably designed to identify and minimize the impact of the plausible sources of operational risk, both internal and external, including risks to data integrity, data security, business continuity and capacity and performance management.

s. 21(2)

The systems, controls and procedures required under subsection (1) must be approved by the board of directors of the recognized trade repository.

s. 21(3)

Without limiting the generality of subsection (1), a recognized trade repository must

s. 21(3)(a)

develop and maintain

s. 21(3)(a)(i)

an adequate system of internal controls over its systems, and

s. 21(3)(a)(ii)

adequate information technology general controls, including, without limitation, controls relating to information systems operations, information security and integrity, change management, problem management, network support and system software support,

s. 21(3)(b)

in accordance with prudent business practice, on a reasonably frequent basis and, in any event, at least annually,

s. 21(3)(b)(i)

make reasonable current and future capacity estimates, and

s. 21(3)(b)(ii)

conduct capacity stress tests to determine the ability of those systems to process derivatives data in an accurate, timely and efficient manner, and

s. 21(3)(c)

promptly notify the regulator or securities regulatory authority of a material systems failure, malfunction, delay or other disruptive incident, or a breach of data security, integrity or confidentiality, and provide as soon as practicable a written post-incident report that includes a root-cause analysis and any remedial action that the recognized trade repository has taken or intends to take.

s. 21(4)

Without limiting the generality of subsection (1), a recognized trade repository must establish, implement and maintain business continuity plans, including disaster recovery plans, reasonably designed to

s. 21(4)(a)

achieve prompt recovery of its operations following a disruption,

s. 21(4)(b)

allow for the timely recovery of information, including derivatives data, in the event of a disruption, and

s. 21(4)(c)

provide for the exercise of authority in the event of an emergency.

s. 21(5)

A recognized trade repository must test its business continuity plans, including disaster recovery plans, at least annually.

s. 21(6)

For each of its systems for collecting and maintaining reports of derivatives data, a recognized trade repository must annually engage a qualified party to conduct an independent review and prepare a report in accordance with established audit standards to ensure that the recognized trade repository is in compliance with paragraphs (3) (a) and (b) and subsections (4) and (5).

s. 21(7)

A recognized trade repository must provide the report referred to in subsection (6) to

s. 21(7)(a)

its board of directors or audit committee promptly upon the completion of the report, and

s. 21(7)(b)

the regulator or securities regulatory authority not later than the 30th day after providing the report to its board of directors or audit committee.

s. 21(8)

A recognized trade repository must disclose on its website, in a manner that is easily accessible to the public, all technology requirements regarding interfacing with or accessing the services provided by the recognized trade repository

s. 21(8)(a)

if operations have not begun, sufficiently in advance of operations to allow a reasonable period for testing and system modification by participants, and

s. 21(8)(b)

if operations have begun, sufficiently in advance of implementing a material change to technology requirements to allow a reasonable period for testing and system modification by participants.

s. 21(9)

A recognized trade repository must make available testing facilities for interfacing with or accessing the services provided by the recognized trade repository,

s. 21(9)(a)

if operations have not begun, sufficiently in advance of operations to allow a reasonable period for testing and system modification by participants, and

s. 21(9)(b)

if operations have begun, sufficiently in advance of implementing a material change to technology requirements to allow a reasonable period for testing and system modification by participants.

s. 21(10)

A recognized trade repository must not begin operations in the local jurisdiction unless it has complied with paragraphs (8) (a) and (9) (a).

s. 21(11)

Paragraphs (8) (b) and (9) (b) do not apply to a recognized trade repository if

s. 21(11)(a)

the change to the recognized trade repository's technology requirements must be made immediately to address a failure, malfunction or material delay of its systems or equipment,

s. 21(11)(b)

the recognized trade repository immediately notifies the regulator or securities regulatory authority of its intention to make the change to its technology requirements, and

s. 21(11)(c)

the recognized trade repository discloses on its website, in a manner that is easily accessible to the public, the changed technology requirements as soon as practicable.

s. 22 — Data security and confidentiality

s. 22(1)

A recognized trade repository must establish, implement and maintain written rules, policies and procedures reasonably designed to ensure the safety, privacy and confidentiality of derivatives data reported to it under this Instrument.

s. 22(2)

A recognized trade repository must not release derivatives data for commercial or business purposes unless one or more of the following apply:

s. 22(2)(a)

the derivatives data has otherwise been disclosed under section 39;

s. 22(2)(b)

the counterparties to the derivative have provided the recognized trade repository with their express written consent to use or release the derivatives data.

s. 22.1 — Transactions executed anonymously on a facility for trading derivatives

A recognized trade repository must not disclose the identity or legal entity identifier of a counterparty to another counterparty in respect of a transaction involving a local counterparty that

s. 22.1(a)

is executed anonymously on a facility for trading derivatives, and

s. 22.1(b)

results in a derivative that is cleared through a reporting clearing agency.

s. 22.2 — Validation of data

s. 22.2(1)

A recognized trade repository must establish, implement and maintain a validation procedure.

s. 22.2(2)

A recognized trade repository must, as soon as technologically practicable after receiving the derivatives data, notify a reporting counterparty, including for greater certainty, an agent acting on its behalf, whether the derivatives data satisfies its validation procedure.

s. 22.2(3)

A recognized trade repository must accept derivatives data that satisfies its validation procedure.

s. 22.2(4)

A recognized trade repository must create and maintain records of all the derivatives data reported that fails to satisfy its validation procedure.

s. 22.2(5)

A recognized trade repository must, for all derivatives required to be reported under the Instrument, including, for greater certainty, derivatives that have expired or terminated, accept a correction from a participant to an error or omission in derivatives data that the participant reported if the corrected derivatives data satisfies the validation procedure.

s. 23 — Verification of data

s. 23(1)

For the purpose of this section,

s. 23(1)(a)

verification participant means a participant that is, or is acting on behalf of, a reporting counterparty to a derivative, and that is subject to verification requirements, and

s. 23(1)(b)

verification requirements means the requirements set out under paragraphs 26.1 (b) or 26.1 (c).

s. 23(2)

A recognized trade repository must establish, implement and maintain written rules, policies and procedures under which a verification participant is allowed and enabled to carry out its verification requirements.

s. 24 — Outsourcing

If a recognized trade repository outsources a material service or system to a service provider, including to an associate or affiliated entity of the recognized trade repository, the recognized trade repository must do each of the following:

s. 24(a)

establish, implement and maintain written rules, policies and procedures for the selection of a service provider to which a material service or system may be outsourced and for the evaluation and approval of such an outsourcing arrangement;

s. 24(b)

identify any conflicts of interest between the recognized trade repository and a service provider to which a material service or system is outsourced, and establish, implement, maintain and enforce written rules, policies and procedures to mitigate and manage or resolve those conflicts of interest;

s. 24(c)

enter into a written contract with the service provider that is appropriate for the materiality and nature of the outsourced activity and that provides for adequate termination procedures;

s. 24(d)

maintain access to the books and records of the service provider relating to the outsourced activity;

s. 24(e)

ensure that the regulator or securities regulatory authority has the same access to all data, information and systems maintained by the service provider on behalf of the recognized trade repository that it would have absent the outsourcing arrangement;

s. 24(f)

ensure that all persons or companies conducting an audit or independent review of the recognized trade repository under this Instrument have appropriate access to all data, information and systems maintained by the service provider on behalf of the recognized trade repository that those persons or companies would have absent the outsourcing arrangement;

s. 24(g)

take appropriate measures to determine that a service provider to which a material service or system is outsourced establishes, maintains and periodically tests an appropriate business continuity plan, including a disaster recovery plan in accordance with the requirements set out in section 21;

s. 24(h)

take appropriate measures to ensure that the service provider protects the safety, privacy and confidentiality of derivatives data and of users' confidential information in accordance with the requirements set out in section 22;

s. 24(i)

establish, implement, maintain and enforce written rules, policies and procedures to regularly review the performance of the service provider under the outsourcing agreement.

3

Data Reporting

s. 25 — Reporting counterparty

s. 25(1)

In this Instrument, reporting counterparty, with respect to a derivative involving a local counterparty, means

s. 25(1)(a)

if the derivative is cleared through a reporting clearing agency, the reporting clearing agency,

s. 25(1)(b)

if paragraph (a) does not apply and the derivative is between a derivatives dealer and a counterparty that is not a derivatives dealer, the derivatives dealer,

s. 25(1)(c)

if paragraphs (a) and (b) do not apply and the counterparties to the derivative have, before or at the time of the transaction, 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

s. 25(1)(d)

in any other case, each counterparty to the derivative.

s. 25(2)

A local counterparty to a derivative to which paragraph (1) (c) applies must keep a record of the written agreement referred to in that paragraph for 7 years after the date on which the derivative expires or terminates.

s. 25(3)

The records required to be maintained under subsection (2) must be kept in

s. 25(3)(a)

a safe location and in a durable form, and

s. 25(3)(b)

a manner that permits the records to be provided to the regulator within a reasonable time following request.

s. 25(4)

Despite section 40, a local counterparty that agrees under paragraph (1) (c) to be the reporting counterparty for a derivative to which section 40 applies must report derivatives data relating to the derivative in accordance with this Instrument.

s. 26 — Duty to report

s. 26(1)

A reporting counterparty in respect of a derivative involving a local counterparty must report, or cause to be reported, the data required to be reported under this Part to a recognized trade repository.

s. 26(2)

Despite subsection (1), if no recognized trade repository accepts the data required to be reported under this Part, the reporting counterparty must electronically report the data required to be reported under this Part to the regulator or securities regulatory authority.

s. 26(3)

A reporting counterparty satisfies the reporting obligation in respect of a derivative required to be reported under subsection (1) if each of the following applies:

s. 26(3)(a)

one of the following applies to the derivative:

s. 26(3)(a)(i)

the derivative is required to be reported solely because a counterparty to the derivative is a local counterparty under subparagraph (a) (i) of the definition of "local counterparty" and that local counterparty does not conduct business in the local jurisdiction other than incidental to being organized under the laws of the local jurisdiction;

s. 26(3)(a)(ii)

the derivative is required to be reported solely because a counterparty to the derivative is a local counterparty under paragraph (c) of the definition of "local counterparty";

s. 26(3)(b)

the derivative is reported to a recognized trade repository under one or more of the following:

s. 26(3)(b)(i)

Multilateral Instrument 96-101 Derivatives: Trade Reporting, as amended from time to time, if reported under the requirements of a jurisdiction other than the local jurisdiction;

s. 26(3)(b)(ii)

Manitoba Securities Commission Rule 91-507 Derivatives: Trade Reporting, as amended from time to time;

s. 26(3)(b)(iii)

Ontario Securities Commission Rule 91-507 Derivatives: Trade Reporting, as amended from time to time;

s. 26(3)(b)(iv)

Qu bec Regulation 91-507 respecting trade repositories and derivatives data reporting, as amended from time to time;

s. 26(3)(b)(v)

the trade reporting law of a foreign jurisdiction listed in Appendix B;

s. 26(3)(c)

the reporting counterparty instructs the recognized trade repository referred to in paragraph (b) to provide the regulator or securities regulatory authority with access to the data that is reported under paragraph (b) and otherwise uses its best efforts to provide the regulator or securities regulatory authority with access to such data.

s. 26(4)

A reporting counterparty must report all derivatives data relating to a derivative to the same recognized trade repository.

s. 26(5-7)

Repealed. [B.C. Reg. 139/2025, Sch. B, s. 18 (c).]

s. 26(8)

If a local counterparty, other than a reporting clearing agency, to a derivative that is required to be reported under this Instrument, and that is cleared through a reporting clearing agency, has specified a recognized trade repository to which derivatives data in relation to the derivative is to be reported, the reporting clearing agency

s. 26(8)(a)

must report the derivatives data to the specified recognized trade repository, and

s. 26(8)(b)

must not report derivatives data to another trade repository without the consent of the local counterparty.

s. 26(9)

A reporting counterparty must ensure that all reported derivatives data relating to a derivative satisfies the validation procedure of the recognized trade repository to which the derivative is reported.

s. 26.1 — Verification of data

A reporting counterparty must

s. 26.1(a)

ensure that all reported derivatives data does not contain an error or omission,

s. 26.1(b)

verify, in the case of a reporting counterparty that is a notional amount threshold derivatives dealer, that the reported derivatives data does not contain an error or omission, at least once every calendar quarter, provided that there are at least two calendar months between verifications, and

s. 26.1(c)

verify, in the case of a reporting counterparty that is a reporting clearing agency or a derivatives dealer that is not a notional amount threshold derivatives dealer, that the reported derivatives data does not contain an error or omission, at least every 30 days.

s. 26.2 — Derivatives reported in error

A reporting counterparty that reports a derivative in error must report the error to the recognized trade repository or, if the derivatives data was reported under subsection 26 (2), to the regulator or securities regulatory authority, as soon as practicable after discovery of the error and, in any event, no later than the end of the business day following the day of discovery of the error.

s. 26.3 — Notifications of errors and omissions with respect to derivatives data

s. 26.3(1)

A local counterparty, other than the reporting counterparty, must notify the reporting counterparty of an error or omission with respect to derivatives data relating to a derivative to which it is a counterparty as soon as practicable after discovery of the error or omission and, in any event, no later than the end of the business day following the day of discovery of the error or omission.

s. 26.3(2)

A reporting counterparty must notify the regulator or securities regulatory authority of a significant error or omission with respect to derivatives data as soon as practicable after discovery of the error or omission.

s. 26.4 — Transferring a derivative to a different recognized trade repository

s. 26.4(1)

A reporting counterparty must not change the recognized trade repository to which derivatives data relating to a derivative is reported, unless the reporting counterparty complies with subsections (2) and (3).

s. 26.4(2)

At least 5 business days before a change referred to in subsection (1) is made by a reporting counterparty, the reporting counterparty must provide notice of the change to the following:

s. 26.4(2)(a)

the other counterparty to the derivative;

s. 26.4(2)(b)

the recognized trade repository to which the derivatives data is reported before the change;

s. 26.4(2)(c)

the recognized trade repository to which the derivatives data is reported after the change.

s. 26.4(3)

The reporting counterparty must include in the notice referred to in subsection (2) the UTI of the derivative and the date on which the reporting counterparty will begin reporting the derivatives data to the recognized trade repository referred to in paragraph (2) (c).

s. 26.4(4)

After providing the notice referred to in subsection (2), the reporting counterparty must report the change of recognized trade repository as if it were a lifecycle event under section 32, to the recognized trade repository referred to in paragraph (2) (b) and the recognized trade repository referred to in paragraph (2) (c) on the same day, and must use the same UTI to identify the derivative in the report to each recognized trade repository.

s. 26.4(5)

After changing the recognized trade repository, the reporting counterparty must report all derivatives data relating to the derivative to the trade repository referred to in paragraph (2) (c) unless the reporting counterparty subsequently changes the recognized trade repository under this section.

s. 27 — Identifiers, general

s. 27(1)

In a report of creation data required under this Part, a reporting counterparty must include each of the following:

s. 27(1)(a)

the legal entity identifier of each counterparty to the derivative as set out in section 28;

s. 27(1)(b)

the unique product identifier for the derivative as set out in section 30.

s. 27(2)

In a report of lifecycle data or valuation data required under this Part, a reporting counterparty must include the UTI for the transaction relating to the derivative as set out in section 29.

s. 28 — Legal entity identifiers

s. 28(1)

In all recordkeeping and reporting that is required under this Instrument, a recognized trade repository and a reporting counterparty must identify each counterparty to a derivative by means of a single legal entity identifier that is a unique identification code assigned to the counterparty in accordance with the standards set by the Global LEI System.

s. 28(2)

A person that is eligible to receive a legal entity identifier as determined by the Global LEI System, other than an individual, that is a local counterparty to a derivative required to be reported under this Instrument, must

s. 28(2)(a)

before executing a transaction, obtain a legal entity identifier assigned in accordance with the requirements imposed by the Global LEI System, and

s. 28(2)(b)

for as long as it is a counterparty to a derivative required to be reported under this Instrument, maintain and renew the legal entity identifier referred to in paragraph (a).

s. 28(3)

Despite subsection (1), if a local counterparty to a derivative required to be reported under this Instrument is an individual, or is not eligible to receive a legal entity identifier as determined by the Global LEI System, the reporting counterparty and the recognized trade repository must identify the counterparty by a single unique alternate identifier.

s. 28(4)

Repealed. [B.C. Reg. 139/2025, Sch. B, s. 21 (c).]

s. 29 — Unique transaction identifiers

s. 29(1)

In all recordkeeping and reporting that is required under this Instrument, a recognized trade repository and a reporting counterparty must identify each derivative, and each position under section 33.1, by means of a single UTI.

s. 29(2)

For each derivative that is required to be reported under this Instrument, the following person or company must assign a single UTI to the derivative:

s. 29(2)(a)

if the derivative is also required to be reported under the securities legislation of a jurisdiction of Canada, other than the local jurisdiction, or under the laws of a foreign jurisdiction under which a derivative must be reported before reported under this Instrument, the person or company required to assign the UTI under the securities legislation of that jurisdiction, or under the laws of that foreign jurisdiction;

s. 29(2)(b)

if paragraph (a) does not apply to the derivative and the derivative is cleared through a reporting clearing agency, the reporting clearing agency;

s. 29(2)(c)

if paragraphs (a) and (b) do not apply to the derivative and the transaction relating to the derivative is executed on a facility for tracing derivatives that has assigned a UTI to the derivative, the facility for trading derivatives;

s. 29(2)(d)

if paragraphs (a) to (c) do not apply to the derivative, the reporting counterparty, or, if there are two reporting counterparties, the reporting counterparty with the first legal entity identifier determined by sorting the legal entity identifiers alphanumerically with the characters of the legal entity identifiers reversed.

s. 29(3)

Despite paragraph (2) (d), if paragraphs (2) (a) to (c) do not apply to the derivative and the counterparties to the derivative have agreed in writing that one of them will be the person or company responsible for assigning the UTI to the derivative, the counterparty that is responsible for the assignment under that agreement must assign the UTI.

s. 29(4)

Despite subsection (2), a person or company that is required to assign a UTI under subsection (2) may request that a recognized trade repository assign the UTI if the person or company is either of the following:

s. 29(4)(a)

a notional amount threshold derivatives dealer;

s. 29(4)(b)

not a reporting clearing agency, facility for trading derivatives, or derivatives dealer.

s. 29(5)

If a person or a company makes a request under subsection (4), the recognized trade repository must assign a UTI as soon as technologically practicable following receipt of the request.

s. 29(6)

The person or company referred to in subsection (2) must assign a UTI as soon as practicable after execution of the transaction relating to the derivative, and in any event not later than the time the derivative is required to be reported to a recognized trade repository under this Instrument.

s. 29(7)

If a facility for trading derivatives is required to assign a UTI under subsection (2), the facility for trading derivatives must provide the UTI as soon as technologically practicable to the following:

s. 29(7)(a)

each counterparty to the derivative;

s. 29(7)(b)

if the derivative is submitted for clearing, the reporting clearing agency to which the derivative is submitted for clearing.

s. 29(8)

Subject to subsection (4), if one of the counterparties to an uncleared derivative is required to assign a UTI under subsection (2) or (3), the counterparty must provide the UTI as soon as practicable to the following:

s. 29(8)(a)

the counterparty to the derivative;

s. 29(8)(b)

if the derivative is submitted for clearing, the reporting clearing agency to which the derivative is submitted for clearing.

s. 29(9)

If a recognized trade repository assigns a UTI under subsection (4), it must provide the UTI as soon as technologically practicable to the following:

s. 29(9)(a)

each counterparty to the derivative;

s. 29(9)(b)

if the derivative is submitted for clearing, the reporting clearing agency to which the derivative is submitted for clearing.

s. 30 — Unique product identifiers

s. 30(1)

In this section, unique product identifier means a code that uniquely identifies a type of derivative and is assigned by the Derivatives Service Bureau.

s. 30(2)

In all recordkeeping and reporting that is required under this Instrument, a recognized trade repository and a reporting counterparty must identify each type of derivative by means of a single unique product identifier.

s. 30(3-4)

Repealed. [B.C. Reg. 139/2025, Sch. B, s. 23 (b).]

s. 31 — Creation data

s. 31(1)

A qualified reporting counterparty must report creation data relating to a derivative that is required to be reported under this Instrument to a recognized trade repository immediately following the transaction.

s. 31(2)

Despite subsection (1), if it is not practicable to immediately report the creation data, a qualified reporting counterparty must report creation data as soon as practicable and in no event later than the end of the business day following the day on which the data would otherwise be required to be reported.

s. 31(3)

A reporting counterparty that is not a qualified reporting counterparty in respect of a derivative must report creation data no later than the end of the second business day following the execution date of the transaction.

s. 32 — Lifecycle event data

s. 32(1)

A qualified reporting counterparty must report all lifecycle event data relating to a derivative that is required to be reported under this Instrument to a recognized trade repository by the end of the business day on which the lifecycle event occurs.

s. 32(2)

Despite subsection (1), if it is not practicable to report lifecycle event data by the end of the business day on which the lifecycle event occurs, the qualified reporting counterparty must report all lifecycle event data no later than the end of the business day following the day on which the lifecycle event occurs.

s. 32(3)

A reporting counterparty that is not a qualified reporting counterparty in respect of a derivative must report all lifecycle event data no later than the end of the second business day on which the lifecycle event occurs.

s. 32(4)

Despite subsections (1) to (3), the reporting clearing agency through which a derivative is cleared must report the termination of the original derivative to the recognized trade repository to which the derivatives data in respect of that original derivative was reported by the end of the business day following the day on which the original derivative is terminated.

s. 33 — Valuation data and collateral and margin data

s. 33(1)

With respect to a derivative that is required to be reported under this Instrument, a reporting counterparty that is a derivatives dealer or a reporting clearing agency must report to a recognized trade repository each business day

s. 33(1)(a)

valuation data, and

s. 33(1)(b)

collateral and margin data.

s. 33(2)

If position level data in respect of derivatives has been reported under section 33.1, the reporting counterparty must calculate and report on the net amount of all purchases and sales reported as position level data for the derivatives.

s. 33.1 — Position level data

s. 33.1(1)

For the purpose of section 32, a reporting counterparty may report lifecycle event data as position level data if each derivative, for which the lifecycle event data is aggregated,

s. 33.1(1)(a)

is in a class of derivatives in which each derivative is fungible with all other derivatives in the class, and

s. 33.1(1)(b)

has no fixed expiration date or is a commodity derivative.

s. 33.1(2)

For the purpose of subsection 33 (1), a reporting counterparty that is a derivatives dealer or a reporting clearing agency may report valuation data and collateral and margin data as position level data if each derivative, for which the valuation data and collateral and margin data is aggregated,

s. 33.1(2)(a)

is in a class of derivatives in which each derivative is fungible with all other derivatives in the class, and

s. 33.1(2)(b)

has no fixed expiration date or is a commodity derivative.

s. 34 — Pre-existing derivatives

s. 34(1)

Despite section 31 and subject to subsection 44 (2), on or before December 1, 2016, a reporting counterparty must report creation data relating to a derivative if all of the following apply:

s. 34(1)(a)

the reporting counterparty is a reporting clearing agency or a derivatives dealer;

s. 34(1)(b)

the transaction was entered into before July 29, 2016;

s. 34(1)(c)

there were outstanding contractual obligations with respect to the derivative on the earlier of the date that the derivative is reported or December 1, 2016.

s. 34(2)

Despite section 31 and subject to subsection 44 (3), on or before February 1, 2017, a reporting counterparty must report creation data relating to a derivative if all of the following apply:

s. 34(2)(a)

the reporting counterparty is not a reporting clearing agency or a derivatives dealer;

s. 34(2)(b)

the transaction was entered into before November 1, 2016;

s. 34(2)(c)

there were outstanding contractual obligations with respect to the derivative on the earlier of the date that the derivative is reported or February 1, 2017.

s. 34(3)

Despite section 31, a reporting counterparty to a derivative to which subsection (1) or (2) applies is required to report, in relation to the derivative, only the creation data indicated in the column in Appendix A entitled "Required for Pre-existing Derivatives".

s. 34(4)

Despite section 32, a reporting counterparty is not required to report life-cycle event data relating to a derivative to which subsection (1) or (2) applies until the reporting counterparty has reported creation data in accordance with subsection (1) or (2).

s. 34(5)

Despite section 33, a reporting counterparty is not required to report valuation data relating to a derivative to which subsection (1) or (2) applies until the reporting counterparty has reported creation data in accordance with subsection (1) or (2).

s. 35 — Timing requirements for reporting data to another recognized trade repository

Despite subsection 26 (4) and sections 31 to 33, if a recognized trade repository ceases operations or stops accepting derivatives data for an asset class of derivatives, a reporting counterparty may fulfill its reporting obligations under this Instrument by reporting the derivatives data to another recognized trade repository or, if there is not an available recognized trade repository, the regulator or securities regulatory authority.

s. 36 — Records of data reported

s. 36(1)

A reporting counterparty must keep records relating to a derivative that is required to be reported under this Instrument, including transaction records, for 7 years after the date on which the derivative expires or terminates.

s. 36(2)

A reporting counterparty must keep the records referred to in subsection (1) in a safe location and in a durable form.

s. 36.1 — Facility for trading derivatives

s. 36.1(1)

In this section, anonymous derivative means a derivative for which the transaction is executed anonymously on a facility for trading derivatives and that, at the time the transaction is executed, is intended to be cleared.

s. 36.1(2)

Section 25 does not apply with respect to an anonymous derivative.

s. 36.1(3)

Despite subsection (2), with respect to an anonymous derivative

s. 36.1(3)(a)

a reference to "reporting counterparty" in the following provisions must be read as a reference to "facility for trading derivatives": subsections 22.2 (2), 26 (1), 26 (2), 26 (4), 26 (9), paragraph 26.1 (b), section 26.2, subsections 26.3 (1), 26.3 (2) and 26.4 (1), section 27, subsections 28 (1), 28 (3), 29 (1), 30 (2) and 31 (1), sections 35 and 36, subsections 37 (3), and sections 41 and 42, and

s. 36.1(3)(b)

a reference to "qualified reporting counterparty" in section 31 must be read as a reference to "facility for trading derivatives".

s. 36.1(4)

Despite subsection (2), with respect to an anonymous derivative, a facility for trading derivatives

s. 36.1(4)(a)

may report the legal entity identifier of an agent of a counterparty in respect of Data Element 1 "Counterparty 1 (reporting counterparty)" and Data Element 2 "Counterparty 2 (non-reporting counterparty)" identified in Appendix A if a transaction relating to the derivative is executed before the derivative is allocated among the counterparties on whose behalf the agent is acting, and

s. 36.1(4)(b)

is not required to report the following data elements identified in Appendix A:

s. 36.1(4)(b)(i)

Data Element Number 20 "Inter-affiliate indicator";

s. 36.1(4)(b)(ii)

Data Element Number 24 "Master agreement type";

s. 36.1(4)(b)(iii)

Data Element Number 25 "Master agreement version";

s. 36.1(4)(b)(iv)

Data Element Number 77 "Clearing exceptions and exemptions — Counterparty 1";

s. 36.1(4)(b)(v)

Data Element Number 78 "Clearing exceptions and exemptions — Counterparty 2";

s. 36.1(4)(b)(vi)

Data Element Number 96 "Level";

s. 36.1(4)(b)(vii)

Data Element Number 121 "Crypto asset underlying indicator".

s. 36.1(5)

Despite subsection (2), with respect to an anonymous derivative, if a facility or trading derivatives makes diligent efforts on a reasonably frequent basis to determine whether a participant of the facility, or its customer, is a local counterparty under paragraph (c) of the definition of "local counterparty" in any jurisdiction of Canada, but the facility has not yet made the determination, the participant, or its customer, is not a local counterparty under that paragraph for the purpose of reporting by the facility under this Instrument until the earlier of

s. 36.1(5)(a)

the date the facility determines that the participant, or its customer, is a local counterparty under that paragraph, and

s. 36.1(5)(b)

July 31, 2029.

4

Data Dissemination and Access to Data

s. 37 — Data available to regulators

s. 37(1)

A recognized trade repository must

s. 37(1)(a)

provide to the regulator or securities regulatory authority direct, continuous and timely electronic access to derivatives data in the possession of the recognized trade repository that has been reported under this Instrument or that may impact the capital markets,

s. 37(1)(b)

provide the data referenced in paragraph (a) on an aggregated basis, and

s. 37(1)(c)

notify the regulator or securities regulatory authority of the manner in which the derivatives data provided under paragraph (b) has been aggregated.

s. 37(2)

A recognized trade repository must establish, implement and maintain rules, policies or operations designed to ensure that it meets or exceeds the access standards and recommendations published by the International Organization of Securities Commissions in the August, 2013 report entitled "Authorities' access to trade repository data", as amended from time to time.

s. 37(3)

A reporting counterparty must use its best efforts to provide the regulator or securities regulatory authority with prompt access to all derivatives data that it is required to report under this Instrument, including instructing a trade repository to provide the regulator or securities regulatory authority with access to that data.

s. 38 — Data available to participants

s. 38(1)

Subject to section 22.1, a recognized trade repository must provide a participant that is, or is acting on behalf of, a counterparty to a derivative with timely access to all derivatives data relating to the derivative that is submitted to the recognized trade repository.

s. 38(2)

A recognized trade repository must have appropriate authorization procedures in place to enable access under subsection (1) by a participant that is a non-reporting counterparty or acting on behalf of a non-reporting counterparty.

s. 38(3)

Subject to section 22.1, each counterparty to a derivative must permit the release of all derivatives data required to be reported or disclosed under this Instrument.

s. 38(4)

Subsection (3) applies despite any agreement to the contrary between the counterparties to a derivative.

s. 39 — Data available to public

s. 39(1)

A recognized trade repository must, on a reasonably frequent basis, create aggregated data on open positions, volume and number, relating to the derivatives reported to it under this Instrument.

s. 39(2)

The data referred to under subsection (1) must include, at a minimum, breakdowns, if applicable, by currency of denomination, asset class, contract type, expiration and whether the derivative is cleared.

s. 39(3)

For each derivative reported under this Instrument, a recognized trade repository must make transaction level reports available to the public in accordance with the requirements of Appendix C, for at least one year after each report is first made available.

s. 39(4)

In making transaction-level reports available for the purpose of subsection (3), a recognized trade repository must not disclose the identity of either counterparty to the derivative.

s. 39(5)

A recognized trade repository must make the data and reports referred to in this section available to the public on its website or through a similar medium, in a usable form and in a manner that is easily accessible to the public at no cost and, in the case of the transaction-level reports referred to in subsection (3), for at least one year after each report is made available.

s. 39(6)

Despite subsections (1) to (5), a recognized trade repository must not make public derivatives data relating to a derivative between affiliated entities, unless otherwise required by law.

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Exclusions

s. 40 — Commodity derivative

s. 40(1)

Despite Part 3, and subject to subsection 25 (4) and subsection (2) of this section, a local counterparty is not required to report derivatives data relating to a commodity derivative, if

s. 40(1)(a)

the local counterparty is not a qualified reporting counterparty, and

s. 40(1)(b)

the aggregate month-end gross notional amount under all outstanding commodity derivatives of the local counterparty and each affiliated entity of the local counterparty that is a local counterparty in a jurisdiction of Canada, other than under paragraph (b) of the definition of "local counterparty", excluding derivatives with an affiliated entity, did not, in any calendar month in the preceding 12 calendar months, exceed $250 000 000.

s. 40(2)

If a local counterparty ceases to satisfy a criterion under paragraph (1) (a) or (b), the local counterparty must, 180 days after the date the criterion ceased to be satisfied, begin to report derivatives data unless, during that 180-day period, the local counterparty again satisfies the criterion.

s. 41 — Derivative between a government and its consolidated entity

Despite Part 3, a reporting counterparty is not required to report derivatives data relating to a derivative between

s. 41(a)

the government of a local jurisdiction, and

s. 41(b)

a crown corporation or agency the accounts of which are consolidated for accounting purposes with those of the government referred to in paragraph (a).

s. 41.1 — Derivatives between affiliated entities

Despite Part 3, a reporting counterparty is not required to report derivatives data relating to a derivative if, at the time the transaction is executed,

s. 41.1(a)

the counterparties to the derivative are affiliated entities, and,

s. 41.1(b)

neither counterparty is a qualified reporting counterparty.

s. 42 — Derivative between a non-resident derivatives dealer and a non-local counterparty

s. 42(1)

Despite Part 3, a reporting counterparty is not required to report derivatives data relating to a derivative if the derivative is required to be reported solely because one or both counterparties is a local counterparty under paragraph (b) of the definition of "local counterparty".

s. 42(2)

Subsection (1) does not apply if the derivative involves a counterparty that is an individual who is a resident of the local jurisdiction.

s. 42.1 — Repealed

Repealed. [B.C. Reg. 139/2025, Sch. B, s. 36.]

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Exemptions

s. 43 — Exemption — general

s. 43(1)

Except in Alberta, the regulator or securities regulatory authority may, under the statute referred to in Appendix B of National Instrument 14-101 Definitions opposite the name of the local jurisdiction, grant an exemption to this Instrument.

s. 43(2)

In Alberta, the regulator or securities regulatory authority may grant an exemption to this Instrument, in whole or in part, subject to such terms, conditions, restrictions or requirements as may be imposed in the exemption.

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Transition Period and Effective Date

s. 44 — Transition period

s. 44(1)

Despite Part 3, a reporting counterparty that is not a reporting clearing agency or a derivatives dealer is not required to make a report under that Part until November 1, 2016.

s. 44(2)

Despite Part 3, a reporting counterparty is not required to report derivatives data relating to a derivative if all of the following apply:

s. 44(2)(a)

the derivative is entered into before July 29, 2016;

s. 44(2)(b)

the derivative expires or terminates on or before November 30, 2016;

s. 44(2)(c)

the reporting counterparty is a reporting clearing agency or a derivatives dealer.

s. 44(3)

Despite Part 3, a reporting counterparty is not required to report derivatives data relating to a derivative if all of the following apply:

s. 44(3)(a)

the derivative is entered into before November 1, 2016;

s. 44(3)(b)

the derivative expires or terminates on or before January 31, 2017;

s. 44(3)(c)

the reporting counterparty is not a reporting clearing agency or a derivatives dealer.

Schedule

Appendix A to Multilateral Instrument 96-101 Derivatives: Trade Reporting [en. B.C. Reg. 139/2025, Sch. B, s. 37.] Minimum Data Elements Required to be Reported to a Recognized Trade Repository Under Part 3 of the Instrument, the reporting counterparty is required to provide a response for each data element unless the element is not applicable to the derivative. Appendix A contains each data element, its description, and whether the element must be made available to the public under each of Part 4 and Appendix C of the Instrument. For the purposes of this Appendix A, "trading facility" must be read as a reference to "facility for trading derivatives" and "derivatives data reporting rules of any jurisdiction of Canada" means Manitoba Securities Commission Rule 91-507 Derivatives: Trade Reporting, Ontario Securities Commission Rule 91-507 Derivatives: Trade Reporting, Regulation 91-507 respecting Trade Repositories and Derivatives Data Reporting (Québec) or Multinational Instrument 96-101 Derivatives: Trade Reporting.

Schedule

Appendix B to Multilateral Instrument 96-101 Derivatives: Trade Reporting [en. B.C. Reg. 139/2025, Sch. B, s. 38.] Equivalent Trade Reporting Laws of Foreign Jurisdictions Subject to Deemed Compliance Under Subparagraph 26 (3) (b) (v) of the Instrument The regulators and securities regulatory authorities have determined that the laws and regulations opposite the following jurisdictions are trade reporting laws for the purposes of subparagraph 26 (3) (b) (v).

Schedule

Appendix C to Multilateral Instrument 96-101 Derivatives: Trade Reporting [am. B.C. Reg. 139/2025, Sch. B, s. 39.] Requirements for the Public Dissemination of Transaction-level Data

s. 1

Subject to items 2 through 6, a recognized trade repository must make available to the public, at no cost, for each data element set out in Appendix A opposite "Y" in the "Made Available to the Public" column of that appendix, the data elements listed in Table 1 for a derivative in any of the asset classes and underlying asset identifiers listed in Table 2 for all of the following:

s. 1(a)

each derivative reported to be recognized trade repository under this Instrument;

s. 1(b)

each lifecycle event that changes the pricing of an existing derivative reported to the recognized trade repository under this Instrument;

s. 1(c)

each cancellation of a reported transaction or a correction of data relating to a transaction that was previously made available to the public, in each case resulting in a derivative referred to in paragraph (a) or a lifecycle event referred to in paragraph (b).

s. 2 — Exclusions

Item 1 does not apply to the following:

s. 2(a)

a derivative that requires the exchange of more than one currency;

s. 2(b)

a derivative resulting from a bilateral or multilateral portfolio compression exercise;

s. 2(c)

a derivative resulting from novation by a clearing agency.

s. 3 — Rounding of notional amount

A recognized trade repository must round, in accordance with the rounding conventions contained in Table 3, the notional amount of a derivative for which it makes transaction-level data available to the public in accordance with the Instrument and item 1 of this Appendix.

s. 4 — Capping of notional amount

If the rounded notional amount, as determined under item 3, of a derivative referred to in item 1 exceeds the capped rounded notional amount, in Canadian dollars, according to the asset class and expiration date less effective date set out in Table 4 for that derivative, a recognized trade repository must make available to the public the capped rounded notional amount for the derivative in place of the rounded notional amount.

s. 5

When making transaction-level data for a derivative to which item 4 applies available to the public under subsection 39 (3) of this Instrument and in accordance with this Appendix, a recognized trade repository must state that the notional amount for the derivative has been capped.

s. 6

For each derivative referred to in item 1 for which the capped rounded notional amount is made available to the public, if the data to be made available to the public includes an option premium, a recognized trade repository must adjust the option premium in a manner that is consistent with and proportionate to the capping and rounding of the reported notional amount of the derivative.

s. 7 — Timing

Subject to items 2 through 6, a recognized trade repository must make the information referred to in item 1 available to the public 48 hours after the time reported for Data Element Number 14 of Appendix A for the derivative.

s. 8

If it is not technologically practicable to make the required information available to the public 48 hours after the time reported for Data Element Number 14 of Appendix A for the derivative due to periods of downtime required for operational maintenance, system upgrades, system repairs, disaster recovery exercises or any other exercises related to operating the recognized trade repository in accordance with this Instrument and its recognized order, the recognized trade repository must make the information available to the public as soon as technologically practicable following the conclusion of the period of downtime.

Schedule

Form 96-101F1 [en. B.C. Reg. 139/2025, Sch. B, s. 40.] Application for Recognition — Trade Repository Information Statement

Schedule

Form 96-101F2 [en. B.C. Reg. 139/2025, Sch. B, s. 40.] Trade Repository Submission to Jurisdiction and Appointment of Agent for Service of Process

Schedule

Form 96-101F3 [en. B.C. Reg. 139/2025, Sch. B, s. 40.] Cessation of Operations Report for Recognized Trade Repository