Securities Law & Instruments

Headnote

Section 147 of the Securities Act (OSA) -- exemption from the requirements of section 16(a) of the Commission order dated September 3, 2002 as varied on December 16, 2005, August 10, 2006, and June 1, 2008 recognizing TSX as a stock exchange, as they pertain to the requirement in the protocol to publish public interest rules for a 30 day comment period, in relation to the TSX rule amendment identified in the order.

Statutes Cited

Securities Act, R.S.O. 1990, c. S.5, as am., ss. 21, 147.

IN THE MATTER OF

THE SECURITIES ACT,

R.S.O. 1990, CHAPTER 5, AS AMENDED

(the "Act")

AND

IN THE MATTER OF

TSX INC.

 

ORDER

(Section 147 of the Act)

WHEREAS TSX Inc. ("TSX") has filed an application dated July 17, 2009 (the "Application") to the Ontario Securities Commission (the "Commission") requesting an order pursuant to section 147 of the Act exempting TSX from section 16(a) of the Commission order dated September 3, 2002 as varied on December 16, 2005, August 10, 2006, and June 1, 2008 recognizing TSX as a stock exchange (the "Recognition Order"), for the Rule Change (defined below);

AND WHEREAS section 16(a) of the Recognition Order requires TSX to comply with the existing protocol between TSX and the Commission concerning Commission approval of changes in TSX rules, and the protocol requires that public interest rules be published in the OSC Bulletin for a 30 day comment period;

AND WHEREAS TSX has represented to the Commission that:

1. TSX is proposing a change to the Rules of the Toronto Stock Exchange to allow for the introduction of undisclosed and discretionary order types on Toronto Stock Exchange (the "Rule Change"); and

2. these order types are currently in use by other marketplaces and as a result no public policy function will be served by requiring TSX to submit the same undisclosed and discretionary order types for a public comment period.

AND WHEREAS based on the Application and the representations made to the Commission, the Commission is satisfied that granting an exemption from section 16(a) of the Recognition Order with respect to the Rule Change would not be prejudicial to the public interest.

IT IS HEREBY ORDERED by the Commission that pursuant to section 147 of the Act, with respect to the Rule Change, TSX is exempted from the requirements of section 16(a) of the Recognition Order as they pertain to the requirement in the protocol to publish public interest rules for a 30 day comment period.

DATED at Toronto this 17th day of September, 2009.

"James E. A. Turner"
Vice Chair
Ontario Securities Commission
 
"David L. Knight"
Commissioner
Ontario Securities Commission