Securities Law & Instruments


IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
(Act)

AND

IN THE MATTER OF
THE CANADIAN DEPOSITORY FOR SECURITIES LIMITED
AND
CDS CLEARING AND DEPOSITORY SERVICES INC.

VARIATION ORDER
(Section 144 of the Act)



WHEREAS the Ontario Securities Commission (Commission) issued an order dated July 4, 2012 pursuant to section 21.2 of the Act continuing the recognition of The Canadian Depository for Securities Limited (CDS Ltd.) and CDS Clearing and Depository Services Inc. (CDS Clearing) as clearing agencies (Recognition Order);

AND WHEREAS the Commission issued an order dated December 7, 2012 varying the Recognition Order by replacing the definition of "original Maple shareholder" in Part 1 of Schedule B with a new definition of "original Maple shareholder" which includes 1802146 Ontario Limited, an affiliate of TD Securities Inc.;

AND WHEREAS the Commission issued an order dated December 21, 2012 varying and restating the Recognition Order under which the fiscal year-end for each of CDS Ltd. and CDS Clearing was changed to December 31 (Current Recognition Order);

AND WHEREAS CDS Clearing has filed an application (Application) with the Commission to vary the Current Recognition Order pursuant to section 144 of the Act to extend the deadline to receive a report from an independent qualified party concerning a review of its rules and arrangements to February 28, 2014;

AND WHEREAS Commission staff have been discussing with CDS Clearing the scope and process for the review of CDS Clearing's rules and arrangements and staff will be discussing with CDS Clearing a more detailed timeline for the review and will monitor the process of the review within the overall timetable for the review and completion of the report;

AND WHEREAS the Commission has determined based on the Application and representations made by CDS Clearing that it is not prejudicial to the public interest to vary the Current Recognition Order to extend the time period under which CDS Ltd. and CDS Clearing shall obtain a report from an independent qualified party concerning a review of CDS Clearing's rules and arrangements;

IT IS ORDERED, pursuant to section 144 of the Act, that the Current Recognition Order be varied by replacing the reference to "within 9 months of the effective date of this order" in section 19.1 of Schedule B with a reference to "by February 28, 2014"

DATED at Toronto this 1st day of May, 2013.

"Howard Wetston"
 
"James Turner"