Notice and Request for Comment Proposed Consequential Amendments to Multilateral Instrument 11-102 Passport System Date: August 19, 2011 Introduction This notice describes amendments to Multilateral Instrument 11-102 Passport System (MI 11-102) proposed by the Canadian Securities Administrators (CSA), other than the Ontario Securities Commission. The participating jurisdictions are publishing the proposed amendments to MI 11-102 (the amendments) for a 60-day comment period. The amendments are consequential to: proposed National Instrument 23-103 Electronic Trading and Direct Electronic Access to Marketplaces (NI 23-103), published on April 8, 2011, and proposed amendments to National Instrument 21-101 Marketplace Operation (NI 21-101), published on March 18, 2011. The amendments will have different effective dates to reflect the effective dates of their respective policy projects. Currently, the passport system applies to certain sections of NI 21-101. The amendments would extend the passport system to certain new provisions in NI 23-103. They would also make the passport system available to appropriate provisions of the proposed amendments to NI 21-101. Substance and purpose of the amendments The substance and purpose of the amendments is to ensure that the passport system continues to apply to appropriate market structure requirements. Anticipated costs and benefits of the amendments We expect the amendments to maintain the effectiveness of the passport system. We do not think they impose new regulatory costs. Request for comment on the amendments We invite comment on the amendments proposed as a consequence of proposed NI 23-103 and proposed amendments to NI 21-101. Alternatives considered Since the passport system has worked effectively, we did not consider other alternatives. Unpublished materials In proposing the amendments we did not rely upon any significant unpublished study, report, or other written materials.
Local Notices Certain jurisdictions will publish other information required by local securities legislation in Appendix A to this Notice. Publishing jurisdictions The amendments are an initiative of all CSA members except Ontario. Other than Ontario, each CSA member would adopt the amendments as a rule, commission regulation, or regulation. How to provide your comments Please provide your comments in writing by October 20, 2011. Please address your submissions to the following CSA members: Alberta Securities Commission Autorité des marchés financiers British Columbia Securities Commission Manitoba Securities Commission New Brunswick Securities Commission Nova Scotia Securities Commission Registrar of Securities, Prince Edward Island Saskatchewan Financial Services Commission Securities Commission of Newfoundland and Labrador Superintendent of Securities, Northwest Territories Superintendent of Securities, Nunavut Superintendent of Securities, Yukon Territory You do not need to deliver your comments to all CSA members. Please deliver your comments only to the following addresses, and CSA members’ staff will distribute your comments to all other jurisdictions: Meg Tassie British Columbia Securities Commission P.O. Box 10142, Pacific Centre 701 West Georgia Street Vancouver BC V7Y 1L2 Fax: 604-899-6819 Email: mtassie@bcsc.bc.ca and
M e Anne-Marie Beaudoin Corporate Secretary Autorité des marchés financiers 800, square Victoria, 22e étage C.P. 246, tour de la Bourse Montréal, Québec H4Z 1G3 e-mail : consultation-en-cours@lautorite.qc.ca If you are not sending your comments by email, please send a CD-ROM containing your comments in MS Word format. We cannot keep submissions confidential because securities legislation in certain provinces requires that we publish a summary of the written comments received during the comment period. Questions Please refer your questions about amendments consequential to proposed NI 23-103 to any of: Meg Tassie British Columbia Securities Commission 604-899-6819 mtassie@bcsc.bc.ca Élaine Lanouette Autorité des marchés financiers 514-395-0337 ext. 4356 elaine.lanouette@lautorite.qc.ca Please refer your questions about amendments consequential to the proposed amendments to NI 21-101 to any of: Michael Brady British Columbia Securities Commission 604-899-6561 mbrady@bcsc.bc.ca Élaine Lanouette Autorité des marchés financiers 514-395-0337 ext. 4356 elaine.lanouette@lautorite.qc.ca Jason Alcorn New Brunswick Securities Commission (506) 643-7857 jason.alcorn@nbsc-cvmnb.ca Serge Boisvert Autorité des marchés financiers 514-395-0337 ext. 4358 serge.boisvert@lautorite.qc.ca Lorenz Berner Alberta Securities Commission 403-355-3889 lorenz.berner@asc.ca Serge Boisvert Autorité des marchés financiers 514-395-0337 ext. 4358 serge.boisvert@lautorite.qc.ca Lorenz Berner Alberta Securities Commission 403-355-3889 lorenz.berner@asc.ca Doug Brown Manitoba Securities Commission (204) 945-0605 doug.brown@gov.mb.ca
Amending Instrument for Multilateral Instrument 11-102 Passport System 1. Multilateral Instrument 11-102 Passport System is amended by this Instrument. 2. Appendix D is amended by repealing the row that contains “Marketplace operation” in the Provision column and substituting the following row: Marketplace NI 21-101 operation (only Parts 3, 4, 7, 8, 11 and 13 and sections 5.1(1), 5.1(2), 5.9, 5.10, 6.1, 6.2, 6.3, 6.7, 6.9 and 6.11, as those parts and sections apply to an ATS ) 3. Appendix D is amended by adding the following row immediately below the row that contains “Use of client brokerage commissions” in the Provision column: Electronic NI 23-103 trading and (only sections 3(1), 3(2), 3(3)(a) to 3(3)(d), 3(4) to 3(7), 4, 5(2), 6, 7, 8(b), 8(c), 8(e) to direct electronic 8(h), 9 and 11) access to marketplaces 4. The provisions of this Instrument come into force on the dates set out below: (a) section 2 on *; (b) section 3 on *.
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