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.

EXEMPTION ORDER
(Section 147 of the Act)



WHEREAS the Ontario Securities Commission (Commission) issued an order dated July 4, 2012, as varied and restated on December 21, 2012 and as varied on December 7, 2012, May 1, 2013 June 25, 2013 and June 24, 2014 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) (CDS Ltd. and CDS Clearing collectively, CDS) as clearing agencies (the Clearing Agency Recognition Order);

AND WHEREAS section 2.3 of Schedule “B” of the Clearing Agency Recognition Order requires the board of directors of CDS to provide a written report to the Commission at least annually, or as required by the Commission, describing how CDS is meeting its public interest responsibility (the Reporting Requirement);

AND WHEREAS CDS is next required to comply with the Reporting Requirement by December 31, 2014;

AND WHEREAS CDS has applied to the Commission for exemptive relief pursuant to section 147 of the Act from complying with the Reporting Requirement (the Application);

AND WHEREAS CDS has other requirements in its Clearing Agency Recognition Order that require CDS to operate in the public interest and CDS is required to annually certify that it is meeting such requirements;

AND WHEREAS based on the Application and the representations that CDS has made to the Commission, the Commission has determined that it is not prejudicial to the public interest to exempt CDS from complying with the Reporting Requirement;

IT IS HEREBY ORDERED that pursuant to section 147 of the Act, CDS is exempted from the Reporting Requirement.

DATED this 16th day of December, 2014.

“Sarah B. Kavanagh”

“Catherine E. Bateman”