Regulatory Alerts2020-08-31
Policy Statement to Regulation 21-101 Respecting Marketplace Operation
The Canadian securities regulatory authorities issued this policy statement to provide interpretive guidance on Regulation 21-101 and Regulation 23-101 regarding the operation of marketplaces. The document defines key terms such as marketplace, exchange, and alternative trading systems while establishing criteria to distinguish between these entities based on listing functions, liquidity guarantees, and participant discipline. It further outlines regulatory requirements for ATSs, including dealer registration obligations, self-regulatory organization membership, and notification thresholds for significant market presence.
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