The Alberta Securities Commission (ASC) recently published ASC Notice 24-701 -Regulation of Clearing Agencies Carrying on Business in Alberta. The notice provides guidance for clearing agencies seeking to be recognized by the ASC pursuant to section 67 of the Alberta Securities Act. Section 67 of the Alberta Securities Act prohibits a person or company from carrying on business as a clearing agency in Alberta unless recognized by the ASC or unless an exemption has been granted pursuant to section 213 of the Alberta Securities Act. That provision came into force on October 31, 2014 but a subsequent blanket order granted a temporary exemption from the prohibition until October 31, 2015. Clearing agencies seeking to be recognized in Alberta in advance of the October 2015 deadline should do well to familiarize themselves with the ASC guidance.
For further information, please consult ASC Notice 24-701.
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