Exchanges, Alternative Trading Systems, Clearing Agencies Trade Repositories & Self-Regulatory Organizations

Exchanges

The NSSC has the statutory power to recognize exchanges and set out the terms and conditions under which the exchanges are regulated. The following have either been recognized as exchanges or exempted from the recognition requirement:

Aequitas Neo Exchange

Alpha Exchange Inc.

Montreal Exchange

Nasdaq CXC Limited and Ensoleillement Inc. (Translation)

Nodal Exchange, LLC

Toronto Stock Exchange (TSX)

Alternative Trading Systems (ATSs)

The Canadian Securities Administators (CSA) have developed a framework for regulating ATSs. National Instrument 21-101 Marketplace Operation and National Instrument 23-101 Trading Rules, with their Companion Policies make up the ATS Rules.

Clearing Agencies

The NSSC has the statutory power to recognize clearing agencies.

Trade Repositories

The NSSC has the statutory power to recognize the following deriatives trade repositories. 

ICE Trade Vault, LLC

Chicago Mercantile Exchange Inc.

DTCC Data Respository (U.S.) LLC

Self-Regulatory Organizations

A self-regulatory organization (SRO) is an organization that represents its members and is organized for the purpose of regulating the operations, standards of practice, and business conduct of its members and their representatives with a view to promoting the protection of investors and the public interest through rules that promote ethics and equality. The NSSC has the statutory authority to recognize SROs. The following SROs have been recognized by the NSSC:

Mutual Fund Dealers Association of Canada (MFDA) 
Variation Order, Nov. 26, 2008
Variation Order, Nov. 5, 2014
Variation Order, April 12, 2018
Variation Order, April 1, 2021

Investment Industry Regulatory Organization of Canada (IIROC) 
Recognition Order, June 1, 2008
Variation Order, Mar 31, 2010
Variation Order, April 12, 2018 
Variation Order, April 1, 2021

 

Investor Compensation Funds

Investor compensation funds cover customers who incur losses as a result of the insolvency of an IIROC or MFDA Member firm. Loss of customer assets may take the form of shortfalls in the amount and type of assets which are held by the Member firm at the time of insolvency. Their objective is to return assets to customers or compensate customers when the assets are not available because the Member firm has become insolvent.

There are important limits on this coverage.  For more details visit www.cipf.ca (for IIROC Member firms) and https://mfda.ca/mfda-investor-protection-corporation/ (for MFDA member firms).

The following compensation funds have been recognized by the Commission:

Canadian Investor Protection Fund (CIPF)

Variation and Restatement of Approval Order, Jan. 1, 2021

Mutual Fund Dealer Association of Canada Investor Protection Corporation (MFDAIPC)

Variation and Restatement of Approval Order, Jan. 1, 2021

Ombudman for Banking Services and Investments (OBSI)

If you have a dispute about a registered person or firm that may have acted inappropriately (for example, by recommending investments that are unsuitable for you based on the information you gave them) and you have lost money that you wish to get back, you can submit a complaint to the Ombudsman for Banking Services and Investments (OBSI). OBSI is a free and independent service for resolving banking and investment disputes between participating firms and their clients and can recommend compensation of up to $350,000. For information on how to make a complaint to OBSI, see the process to get your money back.