Securities Law & Instruments

Headnote

Application to the Director pursuant to section 6.1 of OSC Rule 91-502 Trades in Recognized Options (OSC Rule 91-502) to vary a previous decision exempting the Applicant and its representatives from the proficiency requirements in section 3.1 of OSC Rule 91-502 for trades in commodity futures options on exchanges located outside of Canada -- Application filed due to potential impact of Brexit -- conditions of relief include condition that the Applicant remain authorized to trade futures and options "in the U.K. and all EEA Member States" -- decision varied to delete the words "and all EEA Member States" -- fee for application waived.

Rules Cited

Ontario Securities Commission Rule 91-502 Trades in Recognized Options, ss. 3.1 and 6.1.

Ontario Securities Commission Rule 13-502 Fees.

October 21, 2019

By e-mail
Mr. Ken Ottenbreit
Stikeman Elliott (NY) LLP
445 Park Avenue, 7th Floor
New York, NY 10022
United States

Dear Mr. Ottenbreit:

Re OSC Rule 91-502 Trades in Recognized Options (Rule 91-502) and Request by Goldman Sachs International to vary Current Order to address potential Brexit-related implications (2016/0408)

This correspondence is further to your application on behalf of Goldman Sachs International (the Filer) dated October 10, 2019 (the Application) to the Director (the Director) for a decision, pursuant to section 6.1 of Rule 91-502, to vary the existing decision of the Director made under section 6.1 of Rule 91-502 entitled Re Goldman Sachs International dated October 11, 2017 (the Current Order) to delete the words "and all EEA Member States" in clause (a) of the Director's decision in the Current Order as follows (the Requested Amendment):

IT IS THE DECISION of the Director, pursuant to section 6.1 of Rule 91-502, that section 3.1 of Rule 91-502 does not apply to the Applicant or its Representatives in respect of trades in Exchange-Traded Futures, provided that:

(a) The Applicant and its Representatives maintain their respective authorizations and memberships with the FCA, the PRA and the NFA which permit them to trade and clear commodity futures options in the U.K. and all EEA Member States, and remain subject to regulation by the FCA and the PRA; and ...

This will confirm that the Requested Amendment is made, effective as of the date hereof.

The Filer has further made an application to the Director for a decision, pursuant to section 6.1 of Ontario Securities Commission Rule 13-502 Fees, that the Filer be exempt from the requirement to pay an activity fee for making the Application (the Requested Fee Relief).

This will further confirm that the Requested Fee Relief is granted, effective as of the date hereof.

If you have any questions or require anything further, please do not hesitate to copy the staff copied below.

Yours truly,

"Elizabeth King"
Deputy Director
Compliance and Registrant Regulation