Securities Law & Instruments

Headnote

Application under section 144 of the Securities Act (Ontario) (Act) to vary the interim order of The Canadian Depository for Securities Limited (CDS Ltd.) and CDS Clearing and Depository Services Inc. (CDS Clearing) varying the current recognition order of CDS Ltd. and CDS Clearing to provide for the submission of the financial statements for all CDS Ltd. subsidiaries, including CDS Inc., on the same schedule.

Applicable Legislative Provisions

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


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 the Commission issued an order dated May 1, 2013 varying the Current Recognition Order 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 CDS Ltd. has filed an application (Application) with the Commission to vary the Current Recognition Order pursuant to section 144 of the Act to provide for the submission of the financial statements of all subsidiaries, including CDS Inc., on the same schedule;

AND WHEREAS the Commission has determined based on the Application and representations made by CDS Ltd. that it is not prejudicial to the public interest to vary the Current Recognition Order to have the financial statements of all subsidiaries, including CDS Inc., delivered on the same schedule, with the objective of maximizing efficiencies;

IT IS HEREBY ORDERED that, pursuant to section 144 of the Act, Section 22.5 of Schedule B of the Current Recognition Order is deleted and replaced with the following:

From the fiscal year commencing on January 1, 2013, CDS Ltd. shall file with the Commission (a) unaudited quarterly financial statements of each of its subsidiaries, other than CDS Clearing, within 60 days of the end of quarters one through three of CDS Ltd., and (b) audited annual financial statements of each of its subsidiaries, other than CDS Clearing, within 90 days of the year end of CDS Ltd., all prepared in accordance with CGAAP.

DATED at Toronto this 25th day of June, 2013.

"C. Wesley M. Scott"
"Edward P. Kerwin"