Notice of Commission Approval - Material Amendments to CDS Procedures Relating to Late Delivery of Collateral

Market Regulation Document Type
Canadian Depository for Securities Limited (CDS) rule review

THE CANADIAN DEPOSITORY FOR SECURITIES LIMITED

MATERIAL AMENDMENTS TO CDS PARTICIPANT PROCEDURES

LATE DELIVERY OF COLLATERAL

NOTICE OF COMMISSION APPROVAL

In accordance with the Rule Protocol between the Ontario Securities Commission (Commission) and The Canadian Depository for Securities Limited (CDS), the Commission approved on August 8, 2006, the proposed rule amendments filed by CDS relating to the late delivery of collateral. The rule amendments provide a degree of flexibility with respect to the pledging of collateral while at the same time impressing on the participants the importance of their obligations by the introduction of a fine for late delivery and allowing for the late delivery of collateral without automatic suspension in extraordinary circumstances. The proposed rule amendments and accompanying notice were published for comment on June 9, 2006 at (2006) 29 OSCB 4882. No comment letters were received.