Regulatory Alerts2025-01-23
Draft Amendments to Policy Statement to Regulation 23-101 respecting Trading Rules
The regulator amends Section 6.4.1 of the Policy Statement to Regulation 23-101 respecting Trading Rules to clarify trading fee caps for U.S. inter-listed securities. The revised text specifies that different fee caps apply to these securities when priced at or above $1.00 and outlines the transparency requirements for their status. Recognized exchanges must publish a quarterly list of all U.S. inter-listed securities within seven days of the quarter's end, relying on issuer representations for compilation.
1 CHANGES TO POLICY STATEMENT TO REGULATION 23-101 RESPECTING TRADING RULES
- Section 6.4.1 of Policy Statement to Regulation 23-101 respecting Trading Rules is replaced by the following: “6.4.1. Trading Fees Section 6.6.1 provides caps on the fee that a marketplace subject to section 7.1 of Regulation 21-101 respecting Marketplace Operation can charge for execution against a displayed order on the marketplace. Paragraph 6.6.1(2)(a) establishes a different trading fee cap for exchange-traded securities that are U.S. inter-listed securities (i.e., listed on both a recognized exchange and a national securities exchange in the United States of America) and priced at or above $1.00. Subsections 6.6.1 (3) and (4) provide a process to ensure transparency of a security’s status as a U.S. inter-listed security, and require a recognized exchange to publish a quarterly list of all of its U.S. inter-listed securities no later than seven days after the end of each quarter. In compiling the list, an exchange may rely on representations made by its listed issuers as to their status.”.
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