TORONTO, May 4, 2012 /CNW/ - The Ontario Securities Commission today
released the following joint statement with other regulators:
Leaders and senior representatives from key authorities with
responsibility for the regulation of the over-the-counter (OTC)
derivatives markets in their respective jurisdictions met on May 1,
2012 in Toronto. The meeting was hosted by the Ontario Securities
Commission and its Chair, Mr. Howard I. Wetston, Q.C.
The meeting included representatives from the Australian Securities and
Investments Commission; Comissao de Valores Mobiliarios of Brazil;
European Commission; European Securities and Markets Authority; Hong
Kong Securities and Futures Commission; Japan Financial Services
Agency; Ontario Securities Commission; l'Autorité des Marchés
Financiers du Québec; Monetary Authority of Singapore; Swiss Financial
Market Supervisory Authority; United States Commodity Futures Trading
Commission; and United States Securities and Exchange Commission.
The purpose of the meeting was to provide a forum for discussion among
key OTC derivatives regulators responsible for introducing rules
designed to give effect to implementing new international standards
relating to OTC derivatives. This is the second time the authorities
met to discuss technical issues relating to their implementation
efforts.
At the meeting, the authorities discussed a range of implementation
issues, including: pre- and post-trade transparency, margin for
uncleared derivatives, coordination of clearing mandates, access to
data in trade repositories, and cross border clearing house crisis
management. The participants welcomed the opportunity for continued
discussion and sharing of information on implementation of OTC
derivatives reform, with a view to further align regulatory
requirements where possible.
The authorities committed to continue to engage in bilateral discussions
as necessary in their efforts to implement new requirements for OTC
derivatives.
