Industry

NOTICE OF COMMISSION APPROVAL

CDS CLEARING AND DEPOSITORY SERVICES INC. (CDS)

PROPOSED AMENDMENTS TO CDS PARTICIPANT RULES – CLEAN-UP REVIEW

In accordance with the Rule Protocol between the Ontario Securities Commission (Commission) and CDS Clearing and Depository Services Inc. (CDS), the Commission approved proposed amendments to Rule 5 of the CDS Participant Rules (CDS Rules) on October 28, 2020. A copy of the CDS Notice regarding the proposed amendments was published for comment on the Commission's website on June 11, 2020 at http://www.osc.gov.on.ca. No comments were received.

The approved amendments reflect the replacement of the Canadian Bankers Association with the CDS Extenders’ Council in coordinating the request of an Extender of Credit to temporarily increase its own system-operating cap, or to decrease the system-operating cap of another Extender.

As described in the CDS Notice, the approved amendments are part of a broader package of non-material, housekeeping amendments to “clean up” the CDS Rules, in order to lay the groundwork for more material rule and procedure amendments in support of the CDS Post-Trade Modernization (PTM) initiative.