Variation of Recognition Order – Canadian Depository for Securities Limited and CDS Clearing and Depository Services Inc.

Canadian Depository for Securities Limited (CDS) recognition orders
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The Ontario Securities Commission (Commission) issued an order pursuant to section 144 of the Securities Act (Ontario) on March 27, 2015 (Order) varying the current recognition order of CDS Ltd. and CDS Clearing to provide that the annual rebate calculation includes the incremental cost (Base Period) of providing sufficient liquidity facilities to enable the continued operation of the New York Link/DTC Direct Link cross-border service.

The Order is published in Chapter 2 of this Bulletin.