CANADIAN SECURITY TRADERS ASSOCIATION, INC.
P.O. Box 3, 31 Adelaide Street East
Toronto, Ontario M5C 2H8
M. Jean St. Gelais, Chair
Canadian Securities Administrators
Tour de la Bourse
800, Square Victoria
Suite 4130
Montreal, Quebec H4Z 1J2
Dear M. St. Gelais,
The Canadian Securities Traders Association, Inc. (CSTA) would like to take this opportunity to respond to the proposals submitted to the CSA from Market Regulation Services (RS) in regards to “Application for Approval of an Exemption from Aspects of the Best Price Obligation”, dated December 20th, 2007.
The CSTA is in full support of the application submitted by RS for the proposed exemption to the “best price” obligation under Rule 5.2 of the UMIR.
As you aware , the CSTA submitted a letter (dated December 14th, attached) to the CSA voicing our concerns on the current regulations on “Best Price “ and “Trade-Through” obligations with the advent of a number of “Alternative Trading Systems.” Our concerns addressed the pressures exerted on our members to comply with existing regulations, and the costs associated with implementing the necessary technology to ensure compliance.
The CSTA believes that the amendments proposed by RS should help to address our concerns, and we urge the Regulatory Authorities to adopt these proposals as soon as possible.
Members of the CSTA board would be grateful for the opportunity to discuss these matters in greater length, at your convenience.
Sincerely,
| c.c. |
- Alberta Securities Commission |
- Nova Scotia Securities Commission |
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- British Columbia Securities Commission |
- Registrar of Securities, Legal Registries Division,
Department of Justice, Government of Nunavut
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- Manitoba Securities Commission |
- Ontario Securities Commission |
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- New Brunswick Securities Commission |
- Prince Edward Island Securities Office |
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- Securities Commission of Newfoundland and
Labrador
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- Saskatchewan Financial Services Commission |
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- Registrar of Securities, Department of Justice,
Government of the Northwest Territories |
- Registrar of Securities, Government of Yukon |