BCN 2011/27 - Joint ASC/BCSC Notice and Request for Comment - Application by Maple Group Acquisition Corporation to the Alberta Securities Commission and the British Columbia Securities Commission Requesting New Recognition Orders for the TSX Venture Exchange Inc. and to the Alberta Securities Commission Requesting New Recognition Orders for the Natural Gas Exchange Inc. [BCN - Lapsed]
In June 2011, Maple Group Acquisition Corporation (Maple) offered to acquire all of the issued and outstanding common shares of TMX Group Inc. (TMX). Maple is a corporation formed by 13 Canadian financial institutions, including five of the country’s largest pension funds and four bank-owned investment firms. TMX is the public company parent of the TSX Venture Exchange Inc. (TSX Venture), the Natural Gas Exchange Inc. (NGX), TSX Inc. (TSX), the Bourse de Montréal (Bourse) and the Canadian Derivatives Clearing Corporation.
Maple also intends to acquire Alpha Group, the parent entity of Alpha ATS L.P., and the Canadian Depository for Securities Limited.
The Alberta Securities Commission (ASC) and British Columbia Securities Commission (BCSC) have recognized TSX Venture as an exchange and jointly regulate TSX Venture. We exempt TSX from recognition. The ASC regulates NGX and recognizes NGX as an exchange and as a clearing agency. The OSC regulates the TMX and TSX and recognizes them as exchanges. The AMF regulates the Bourse and recognizes it as an exchange.
Maple has applied to the ASC and BCSC requesting new recognition orders confirming the recognition of the TSX Venture on the same terms and conditions of the existing orders and to the ASC requesting new recognition orders confirming the recognition of the NGX on the same terms and conditions of the existing orders. You can find the application on our websites. Maple has applied to the Ontario Securities Commission (OSC) to amend the TMX and TSX recognition orders and to the Autorité des marchés financiers (AMF) to amend the Bourse recognition order. You can find these applications on the OSC and AMF websites.
To assist us in our review of the ASC and BCSC application, we encourage all market participants – including dealers, advisers, issuers, investors, and professionals to comment on the application and Maple’s proposed transactions.
Please submit your comments in writing to the ASC and BCSC on or before November 7, 2011.
Deliver your comments or refer your questions to:
Legal Counsel, Market Regulation
Alberta Securities Commission
Suite 600, 250 - 5 Street SW
Calgary, Alberta T2P 0R4
Senior Legal Counsel, Capital Markets Regulation
British Columbia Securities Commission
P.O. Box 10142, Pacific Centre
701 West Georgia Street
Vancouver, British Columbia V7Y 1L2
We cannot keep submissions confidential.
October 7, 2011
Brenda M. Leong