Notice of Commission Order – Application for Variation and Restatement of CDCC'S Temporary Exemption Order – Canadian Derivatives Clearing Corporation (CDCC)

On February 14, 2012, the Commission issued an order (Variation Order) pursuant to section 144 of the Securities Act (Ontario) (Act) varying and restating a temporary order (Temporary Exemption Order) dated February 15, 2011 exempting CDCC from the requirement in subsection 21.2(0.1) of the Act to be recognized as a clearing agency. The Variation Order amends the Temporary Exemption Order by, among other things, extending CDCC’s temporary exemption until the earlier of (i) the date that the Commission renders a final order recognizing CDCC as a clearing agency under subsection 21.2 (0.1) of the Act or exempting it from the requirement to be recognized as a clearing agency under section 147 of the Act and (ii) March 1, 2013. The Variation Order also adds a number of substantive terms and conditions to Schedule “A” to the Temporary Variation Order dealing specifically with the launch of CDCC’s proposed new fixed-income central counterparty facility.

A copy of the Variation Order is published in Chapter 2 of this Bulletin.