La Commission des valeurs mobilières de l'Ontario (CVMO) a publié dernièrement deux nouveaux règlements codifiant les dispenses provisoires applicables aux entreprises internationales qui se prévalent de dispenses pour négocier des contrats à terme ou des options sur contrats à terme inscrits à la cote de bourses non canadiennes, ou offrir des conseils y étant liés, pour le compte d'investisseurs institutionnels admissibles situés en Ontario.

Ce billet est disponible en anglais seulement

The Ontario Securities Commission (OSC) recently published two new instruments that codify interim relief for international firms that rely on exemptions to trade or advise on futures and options on futures listed on non-Canadian exchanges for qualified Ontario based institutional investors.

Effective April 15, 2021, the OSC issued two interim orders (the Orders) exempting international dealers, advisers and sub-advisers and their representatives from certain registration and options proficiency requirements prescribed under the Commodity Futures Act (Ontario) and OSC Rule 91-502 Trades in Recognized Options (OSC Rule 32-506). The Orders are based on rules proposed by the OSC in December 2020 (as we previously discussed) and eliminate the need for international firms to continue to file exemptive relief applications to provide services to Ontario institutional clients with respect to contracts traded on non-Canadian futures exchanges. The conditions in the Orders are consistent with the conditions outlined in Proposed OSC Rule 32-506 (Commodity Futures Act) Exemptions for International Dealers, Advisers and Sub-Advisers and proposed amendments to OSC Rule 91-502 (together, the Proposed Instrument). 

The comment period for the Proposed Instrument closed on March 1, 2021 and the OSC has indicated that the Orders are intended as an interim measure to reduce regulatory burden on international firms that currently rely on routinely granted exemptive relief applications until the Proposed Instrument is approved and implemented. 

The Orders will remain in effect until the earlier of October 15, 2022 and the effective date of Proposed Instrument.

For further information, please see Ontario Instrument 32-507 (Commodity Futures Act) Exemptions for International Dealers, Advisers and Sub-Advisers (Interim Class Order) and Ontario Instrument 91-505 Exemptions from the Options Proficiency Requirement for International Dealers, Advisers and Sub-Advisers (Interim Class Order).

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.