Regulatory Alerts2020-09-14
Policy Statement to Regulation 21-101 Respecting Marketplace Operation
The Canadian securities regulatory authorities issued this policy to interpret Regulation 21-101 and define the regulatory framework for exchanges, quotation and trade reporting systems, and alternative trading systems. It establishes criteria for classifying marketplaces, distinguishing exchanges based on listing and liquidity guarantees, and outlining specific operational requirements for ATSs. The document further details the public interest factors considered for marketplace recognition and clarifies the definition of firm orders for transparency and reporting purposes.
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