Notice of Commission Decision – Application for Exemptive Relief – GLMX Technologies, LLC
On December 16, 2024, the Commission issued a decision (Decision) under s. 15.1(1) of National Instrument 21-101 Marketplace Operation (NI 21-101), s. 12.1(1) of National Instrument 23-101 Trading Rules (NI 23-101), and s. 10(1) 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 GLMX Technologies, LLC (Filer) from the application of all provisions of the Marketplace Rules in Alberta, British Columbia, Nova Scotia, Ontario and Quebec, subject to terms and conditions as set out in the Decision. The Decision revokes and varies a prior decision issued to the Filer on October 6, 2021.
The Decision 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 foreign marketplace oversight.
The Decision also incorporates the Filer’s relief from the dealer registration and prospectus requirements, which was granted by the Commission as principal regulator in accordance with Multilateral Instrument 11-102 Passport System.
A copy of the Decision is published in Chapter B.3 of this Bulletin.
[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.