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Yesterday, the British Columbia Securities Commission
published its final recognition orders regarding Maple
Group's acquisition of the TMX Group. Of particular
interest, the recognition order respecting the TSX Venture
Exchange requires that at least 25% of
the directors of the TSX-V have relevant venture experience,
that the TSX-V maintain regional advisory committees
comprised of participants in the Canadian public venture capital
market, and that the TSX-V maintain an office in Vancouver
that has a role in certain functions.
The Alberta Securities Commission also issued its final orders related to the
acquisition yesterday. Similar to provisions in the BCSC's
order, the Alberta order contains provisions respecting director
experience and the requirement that the TSX-V maintain an
office in Alberta.
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