The Canadian Depository for Securities Limited and CDS Clearing and Depository Services Inc. – Exemption Order

IN THE MATTER OF 
THE SECURITIES ACT, 
R.S.O. 1990, CHAPTER S.5, 
AS AMENDED 
(“Act”)

AND

IN THE MATTER OF 
THE CANADIAN DEPOSITORY FOR SECURITIES LIMITED

AND

CDS CLEARING AND DEPOSITORY SERVICES INC.

EXEMPTION ORDER
(147 of the Act)

WHEREAS the Ontario Securities Commission (Commission) issued an order dated June 15, 2023 recognizing each of The Canadian Depository for Securities Limited (CDS Ltd.) and CDS Clearing and Depository Services Inc. (CDS Clearing; together with CDS Ltd., CDS) as clearing agencies pursuant to section 21.2 of the Act (the CDS Recognition Order);

AND WHEREAS section 4.3(b) of Part II of the CDS Recognition Order requires CDS to ensure that at least 33% of its board of directors are representatives of Participants, as defined in the CDS Recognition Order (the Industry Representation Requirement);

AND WHEREAS CDS has applied to the Commission for an exemption pursuant to section 147 of the Act (the Application) from the Industry Representation Requirement for a period of two years (the Relief);

AND WHEREAS based on the Application and the representations that CDS has made to the Commission, in the Commission’s opinion it is not prejudicial to the public interest to grant a temporary exemption to CDS from complying with the Industry Representation Requirement:

IT IS HEREBY ORDERED that, pursuant to section 147 of the Act, CDS is exempted from the Industry Representation Requirement for the period ending on the earlier of (i) the date of the annual general meeting of CDS shareholders in 2025 or (ii) October 26, 2025.

DATED at Toronto this 19th day of October, 2023.

“Susan Greenglass”
Director, Market Regulation