The Canadian Securities Administrators (CSA) have published CSA Staff Notice 23-326, Order Protection Rule: Market Share Threshold for the period April 1, 2020 to March 31, 2021 (the Staff Notice and Proposed Rule), for a second notice and comment period ending May 13, 2020.
The Proposed Rule would establish disclosure requirements for issuers that disclose non-GAAP (Generally Accepted Accounting Principles) and other financial measures, which often lack standardized meanings, resulting in potentially misleading disclosure.
The purpose of the Staff Notice is to provide the list of marketplaces displaying protected orders (protected marketplaces) and marketplaces whose orders are not protected (unprotected marketplaces) under National Instrument 23-101 Trading Rules (NI 23-101) and the order protection rule (OPR) for the period April 1, 2020, to March 31, 2021, because they do not:
- provide automated trading functionality as they have an intentional order processing delay, and/or;
- meet the market share threshold, which has been set at 2.5%.
The Staff Notice updates the list of protected and unprotected marketplaces published on January 31, 2019. The updated list will be in effect from April 1, 2020, to March 31, 2021. CSA staff note that there are no changes compared to the list published last year.
CSA Staff Notice 21-326 Order Protection Rule: Market Share Threshold for the period April 1, 2020 to March 31, 2021 is available for download from the websites of the Participating Jurisdictions.
For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004. This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.
