Application under section 147 of the Securities Act (Ontario) (Act) exempting The Canadian Derivatives Clearing Corporation (CDCC) from providing an annual written report to the Commission describing how CDCC is meeting its public interest responsibility as required in term and condition 3.1 of Schedule C to the Commission’s recognition order issued under section 21.2 of the Act.
IN THE MATTER OF
THE SECURITIES ACT,
R.S.O. 1990, c. S.5, AS AMENDED
IN THE MATTER OF
THE CANADIAN DERIVATIVES CLEARING CORPORATION
(Section 147 of the Act)
WHEREAS the Ontario Securities Commission (Commission) issued an order dated April 8, 2014 (OSC Recognition Order), recognizing the Canadian Derivatives Clearing Corporation (CDCC) as a clearing agency pursuant to subsection 21.2(0.1) of the Securities Act (Ontario) (Act);
AND WHEREAS section 3.1 of Schedule C of the OSC Recognition Order requires CDCC to provide a written report to the Commission at least annually, or as required by the Commission, describing how it is meeting its public interest responsibility (Reporting Requirement);
AND WHEREAS CDCC is next required to comply with the Reporting Requirement by December 31, 2016;
AND WHEREAS CDCC has applied to the Commission for exemptive relief pursuant to section 147 of the Act from complying with the Reporting Requirement (Application);
AND WHEREAS CDCC has other requirements in the OSC Recognition Order and under securities legislation that requires CDCC to operate in the public interest;
AND WHEREAS based on the Application and the representations that CDCC has made to the Commission, the Commission has determined that it is not prejudicial to the public interest to exempt CDCC from complying with the Reporting Requirement;
IT IS HEREBY ORDERED that pursuant to section 147 of the Act, CDCC is exempted from the Reporting Requirement.
DATED this 25th day of November, 2016.