Securities Law & Instruments

Headnote

Application under section 144 of the Securities Act (Ontario) (Act) to further vary a temporary order exempting Canadian Derivatives Clearing Corporation from the requirement in subsection 21.2(0.1) of the Act to be recognized as a clearing agency.

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, as am., ss. 21.2(0.1), 144.


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

AND

IN THE MATTER OF
CANADIAN DERIVATIVES CLEARING CORPORATION
(CDCC)

THIRD VARIATION TO THE
TEMPORARY EXEMPTION ORDER
(Section 144 of the Act)



WHEREAS the Ontario Securities Commission (Commission) issued an order (Temporary Exemption Order) dated February 15, 2011 pursuant to section 147 of the Act temporarily exempting CDCC from the requirement to be recognized as a clearing agency under subsection 21.2(0.1) of the Act;

AND WHEREAS the Commission issued an order dated February 14, 2012 (First Variation Order) pursuant to section 144 of the Act varying and restating the Temporary Exemption Order to extend CDCC's temporary exemption and to amend its terms and conditions in Schedule "A" thereto;

AND WHEREAS the Commission issued an order dated February 26, 2013 (Second Variation Order) pursuant to section 144 of the Act further varying and restating the Temporary Exemption Order to extend CDCC's temporary exemption and to amend its terms and conditions in Schedule "A" thereto;

AND WHEREAS the Temporary Exemption Order, as varied and restated by the First Variation Order and Second Variation Order, will terminate on July 1, 2013 unless further extended by order of the Commission;

AND WHEREAS the Commission has received an application from CDCC pursuant to section 144 of the Act requesting that the Commission further vary the Temporary Exemption Order, as varied and restated by the First Variation Order and Second Variation Order, to further extend CDCC's temporary exemption from the requirement to be recognized as a clearing agency pursuant to subsection 21.2(0.1) of the Act;

AND WHERAS the Commission has received certain representations from CDCC in connection with the application to further vary the Temporary Exemption Order, as varied and restated by the First Variation Order and Second Variation Order;

AND WHEREAS the Commission has considered these representations, CDCC's application, and other factors;

AND WHEREAS the Commission has determined that it is not prejudicial to the public interest to issue this order that further varies the Temporary Exemption Order, as varied and restated by the First Variation Order and Second Variation Order, to further extend CDCC's temporary exemption from the requirement to be recognized as a clearing agency pursuant to subsection 21.2(0.1) of the Act;

IT IS ORDERED, pursuant to section 144 of the Act, that the Temporary Exemption Order, as varied and restated by the First Variation Order and Second Variation Order, be varied by replacing the reference to "July 1, 2013" with a reference to "October 15, 2013."

DATED at Toronto, June 7th, 2013.

"Edward P. Kerwin"
 
"Deborah Leckman"