The NSSC has the statutory power to recognize exchanges, clearing agencies, trade repositories, and self-regulatory organizations (SROs), and to set out the terms and conditions under which they are regulated. The Canadian Securities Administrators (CSA) have also developed a framework for regulating Alternative Trading Systems (ATSs).
Recognized or Exempted Exchanges
The following have either been recognized as exchanges or exempted from the recognition requirement by the NSSC:
- DW SEF LLC
- Financial & Risk Transaction Services Ireland Limited
- GLMX Technologies, LLC
- Montreal Exchange
- Nasdaq CXC Limited and Ensoleillement Inc. (Translation)
- Nodal Exchange, LLC
- Refinitiv Transaction Services Limited
- Refinitiv Transaction Services Pte. Ltd.
- Refinitiv US SEF LLC
- Toronto Stock Exchange (TSX)
- TW SEF LLC
Alternative Trading Systems (ATSs)
The Canadian Securities Administrators (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 derivatives trade repositories:
Self-Regulatory Organizations (SROs)
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. The NSSC has the statutory authority to recognize SROs.
Canadian Investment Regulatory Organization (CIRO)
Effective January 1, 2023, the NSSC recognized the Canadian Investment Regulatory Organization.
Prior to January 1, 2023, the NSSC recognized the following SROs:
Mutual Fund Dealers Association of Canada (MFDA)
Investment Industry Regulatory Organization of Canada (IIROC)
Canadian Investor Protection Fund (CIPF)
The CIPF covers customers who incur losses as a result of the insolvency of a New SRO 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.
Prior to January 1, 2023, the NSSC approved the following investor compensation funds:
- Former CIPF: Variation and Restatement of Approval Order (Jan. 1, 2021)
- MFDAIPC: Variation and Restatement of Approval Order (Jan. 1, 2021)
Ombudsman 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.