Quebec’s securities regulator has scheduled public hearings to consider the transactions proposed by the Maple Group Acquisition Corp. for November 24 and 25.
The Autorité des marchés financiers announced Thursday that it will be holding the two-day hearing at the Palais des congrès de Montréal. The hearings will provide an opportunity for those who have submitted comments on the Maple application to also give an oral presentation, and engage in further discussions on the proposals. Written comments are due by November 7.
On October 3, Maple, which is a group comprised of 13 large financial institutions and pension plans, filed an application to acquire 100% of the outstanding common shares of TMX Group Inc. It is also proposing to acquire Alpha Trading Systems LP and Alpha Trading Systems Inc. as well as The Canadian Depository for Securities Ltd. and, indirectly, CDS Clearing and Depository Services Inc. If approved, the proposed transactions will result in the consolidation and vertical integration of the Canadian securities industry.
The Ontario Securities Commission is also planning public hearings on the Maple application sometime in December, although it has yet to set a firm date. The Alberta and British Columbia securities commissions are also reviewing the deal, as is the federal Competition Bureau.