The Autorité des marchés financiers (AMF) has exempted TSX Inc. from the application of section 169 of the Quebec Securities Act. In a reciporical move, the Ontario Securities Commission has also exempted Bourse de Montréal Inc. (ME) from section 21 of the Ontario Securities Act and section 15 of the Commodity Futures Act.

The Alberta, British Columbia, Ontario, Manitoba and, at the time, Québec securities commissions signed a Memorandum of Understanding on the joint oversight of Canadian stock exchanges. The AMF replaced the Quebec Securities Commission earlier this yer.

Under the MOU, and further to the exemptions granted, the AMF will act as lead regulator for the ME, whereas the OSC will act as lead regulator for the TSX.

The lead regulator is responsible for conducting regulatory oversight of the exchange and will inform exempting regulators of its activities. Exempting regulators will have the opportunity to raise issues about the lead regulator’s oversight.

The AMF and the OSC rendered these decisions after consideration of various grounds, including the applications submitted by the TSX and the ME The AMF and the OSC also took into account the public interest.