21-501 (Blanket Order) - Extension of Relief from National Instrument 21-101

Securities Act
R.S.P.E.I. 1988, Cap-S-3.1

Document Type: Blanket Order
Document No: 21-501
Subject: Extension of Relief from National Instrument 21-101 Marketplace Operation Information Transparency Requirements for Government Debt Securities
Effective Date: January 1, 2012

Blanket Order 21-501

Extension of Relief from National Instrument 21-101 Marketplace Operation Information Transparency Requirements for Government Debt Securities

Part 1 Definitions

1.1 Unless otherwise defined in this decision or the context otherwise requires, terms used in this decision that are defined in NI 21-101 or National Instrument 14-101 Definitions have the same meaning in this blanket order.

1.2 “NI 21-101" means National Instrument 21-101 Marketplace Operation.

Part 2 Background

2.1 NI 21-101 imposes information transparency requirements on marketplaces and inter-dealer bond brokers.

2.2 Under section 8.1 of NI 21-101 marketplaces that display orders for, or on which trades are executed in, government debt securities, and inter-dealer bond brokers through whom orders for or trades of government debt securities are executed, must provide certain information to an information processor.

2.3 Section 8.6 of NI 21-101 defers the application of section 8.1 of NI 21-101 until January 1, 2012.

2.4 It is anticipated that proposed amendments to NI 21-101 will, among other things, extend the deferment under section 8.6 of NI 21-101 to January 1, 2015, but such proposed amendments are unlikely to be implemented before January 1, 2012.

2.5 Limited blanket relief to temporarily extend the deferment under section 8.6 of NI 21-101 would avert what would otherwise likely be a merely temporary application of section 8.1 of NI 21-101 beginning on January 1, 2012.

Part 3 Order

3.1 It is ordered pursuant to section 16 of the Act and section 15.1 of NI 21-101 that section 8.1 of NI 21-101 does not apply until January 1, 2015.

3.2 This blanket order expires on the earlier of (i) the coming into force of an amendment to section 8.6 of NI 21-101, and (ii) December 31, 2014.

Part 4 Effective Date

4.1 This Order takes effect on January 1, 2012. 

Dated at Charlottetown, Prince Edward Island, this 15th day of December, 2011.