CDS Rule Amendment Notice – Technical Amendments to CDS Procedures – ACCESS Redaction

Canadian Depository for Securities Limited (CDS) rule review
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CDS CLEARING AND DEPOSITORY SERVICES INC. (CDS®)

TECHNICAL AMENDMENTS TO CDS PROCEDURES

ACCESS REDACTION

NOTICE OF EFFECTIVE DATE

 

A. DESCRIPTION OF THE AMENDMENTS

Background

On June 22, 2005, the CDS Board of Directors ("Board") accepted the proposal that the American and Canadian Connection for Efficient Securities Settlement Service ("ACCESS") be terminated.

Subsequently, the Board was presented with the redaction of ACCESS Rule references at its meeting on June 28, 2006. The Board approved the proposed Rule amendments at this meeting.

CDS has fully discontinued the American and Canadian Connection for Efficient Securities Settlement Service ("ACCESS"). All ACCESS participants were migrated to CDS' other cross-border services or to another clearing/broker participant by January 26, 2006. All outstanding trades were allocated or closed out and bank accounts related to the service were reconciled to zero balances as at March 31, 2006.

The proposed amendments reflect the discontinuation of the ACCESS service, and amendments to CDS Participant Rules, by the removal of all references to the same.

The Procedures marked for the amendments may be found on the CDS website at:

http://www.cds.ca/cdsclearinghome.nsf/Pages/-EN-UserDocumentation?Open

Description of Proposed Amendments

The proposed amendments to CDS Procedures will redact all references to the ACCESS service from CDS Procedures. References will be removed from the following documents:

• CDSX Procedures and User Guide

• Participating in CDS Services

• CDS Reporting Procedures

• Trade and Settlement Procedures

• Batch and Interactive Services -- Technical Information

In addition, the document entitled Access Participant Procedures (Release 3.2) will be redacted in its entirety.

B. REASONS FOR TECHNICAL CLASSIFICATION

The amendments proposed pursuant to this Notice are considered technical amendments as they are amendments required to ensure that CDS Procedures are consistent with both CDS Participant Rules and with the range of services offered by CDS.

C. EFFECTIVE DATE OF THE RULE

Pursuant to Appendix A ("Rule Protocol Regarding The Review And Approval Of CDS Rules By The OSC") of the Recognition and Designation Order, as amended on 1 November, 2006, and Annexe A ("Protocole d'examen et d'approbation des Règles de Services de Dépot et de Compensation CDS Inc. par l'Autorité des marchés financiers") of AMF Decision 2006-PDG-0180, made effective on 1 November, 2006, CDS has determined that these amendments will be effective on May 5, 2008.

These amendments were reviewed and approved by the CDS Strategic Development Review Committee ("SDRC") on March 27, 2008.

D. QUESTIONS

Questions regarding this notice may be directed to:

Eduarda Matos

Legal Counsel

The Canadian Depository for Securities Limited

85 Richmond Street West

Toronto, Ontario M5H 2C9

Telephone: 416-365-3567

Fax: 416-365-1984

e-mail: [email protected]

JAMIE ANDERSON

Managing Director, Legal