Application for Exemptive Relief – Notice of Commission Order – Carta Capital Markets, LLC

 
On January 21, 2022, the Commission issued an order under s. 15.1 of National Instrument 21-101 Marketplace Operation (NI 21-101), s. 12.1 of National Instrument 23-101 Trading Rules (NI 23-101), and s. 10 of National Instrument 23-103 Electronic Trading and Direct Access to Marketplaces (NI 23-103 and, together with NI 21-101 and NI 23-101, the Marketplace Rules) exempting Carta from the application of all provisions of the Marketplace Rules in Ontario, British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, New Brunswick, Nova Scotia, Newfoundland and Labrador, Prince Edward Island, Yukon, Northwest Territories and Nunavut, subject to terms and conditions as set out in the order (the Order).

The Order is consistent with CSA Staff Notice 21-328 Regulatory Approach to Foreign Marketplaces Trading Fixed Income Securities{1} that outlines an exemption approach that is based on a substituted compliance model of ATS oversight.

The Order also incorporates Carta's relief from the dealer registration requirement, which was granted on January 10, 2022 by the Commission as principal regulator in accordance with Multilateral Instrument 11-102 Passport System.

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

The Commission published Carta's application and draft Order for comment on November 23, 2021 on the OSC website. No comments were received.

{1} Published on March 5, 2020 and available at https://www.osc.ca/en/securities-law/instruments-rules-policies/2/21-328/csa-staff-notice-21-328-regulatory-approach-foreign-marketplaces-trading-fixed-income-securities.