Amendments to CDS rules proposed regarding issuance of money market securities

Posted on February 1, 2010 by Stikeman Elliott LLP

CDS Clearing and Depository Services Inc. (CDS) recently published proposed amendments to its rules regarding the processes for issuing, transferring and maintaining custody of money market securities in CDSX. Specifically, the amendments (i) clarify the process by which securities become eligible for CDSX; (ii) provide for an exception allowing CDS to release confidential information concerning a participant where the information concerns material risk events;  (iii) create a single, uniform qualification for all participants acting as issuer agents; and (iv) create new internal control standards for participant issuer agents.

CDS is accepting comments on the proposed amendments for 30 calendar days following the January 29th publication of the proposals.

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