CANADIAN DERIVATIVES CLEARING CORPORATION (CDCC)
APPLICATION FOR VARIATION AND RESTATEMENT OF CDCC'S TEMPORARY EXEMPTION ORDER
NOTICE OF COMMISSION ORDER
On February 14, 2012, the Commission issued an order (Variation Order) pursuant to section 144 of the Securities Act (Ontario) (Act) varying and restating a temporary order (Temporary Exemption Order) dated February 15, 2011 exempting CDCC from the requirement in subsection 21.2(0.1) of the Act to be recognized as a clearing agency. The Variation Order amends the Temporary Exemption Order by, among other things, extending CDCC’s temporary exemption until the earlier of (i) the date that the Commission renders a final order recognizing CDCC as a clearing agency under subsection 21.2 (0.1) of the Act or exempting it from the requirement to be recognized as a clearing agency under section 147 of the Act and (ii) March 1, 2013. The Variation Order also adds a number of substantive terms and conditions to Schedule “A” to the Temporary Variation Order dealing specifically with the launch of CDCC’s proposed new fixed-income central counterparty facility.
A copy of the Variation Order is published in Chapter 2 of this Bulletin.