Notice of Commission Order – Application for Exemptive Relief – Execution Access, LLC

On July 22, 2021, the Commission issued an order under s. 15.1 of National Instrument 21-101 Marketplace Operation (NI 21-101), s. 12.1 of National Instrument 23-101 Trading Rules (NI 23-101), and s. 10 of National Instrument 23-103 Electronic Trading and Direct Access to Marketplaces (NI 23-103 and, together with NI 21-101 and NI 23-101, the Marketplace Rules) exempting Execution Access from the application of all provisions of the Marketplace Rules in Ontario, Quebec and Nova Scotia subject to terms and conditions as set out in the order (the Order).

The Order is consistent with CSA Staff Notice 21-328 Regulatory Approach to Foreign Marketplaces Trading Fixed Income Securities (CSA SN 21-328){1} that outlines an exemption approach that is based on a substituted compliance model of ATS oversight.

The Order was issued following the change in ownership of Execution Access. Because there was no change to Execution Access's operations, the application for the Order was not published for comment.

A copy of the Order is published in Chapter 2 of this Bulletin.

{1} Published on March 5, 2020 and available at https://www.osc.gov.on.ca/en/SecuritiesLaw_csa_20200305_21-328_foreign-marketplaces-trading-fixed-income-securities.htm.