The Ontario Securities Commission has recognized alternative trading system Alpha Group as an exchange.

In a notice published Thursday, the OSC recognized Alpha Trading Systems LP and Alpha Exchange Inc. as an exchange, effective Feb. 1, 2012; or when the operations of Alpha ATS LP have been legally transferred to Alpha Exchange.

The recognition order published sets out the terms and conditions of recognition and includes the review process to be followed for the rules and policies of Alpha Exchange. It has also approved the exchange’s rules, trading policies, listing handbook, independence standards, and ownership arrangements, which includes four firms owning more than 10% of the company.

The notice also indicates that the proposed acquisition of Alpha Group by Maple Group Acquisition Corp. may have implications for the governance structures and conflicts of interest mechanisms in place for exchanges. It also says the OSC’s review of emerging markets issuers [EMIR] may have implications for listed issuer regulation, generally.

“The recognition of Alpha LP and Alpha Exchange and the terms and conditions attached to that recognition are not intended to establish precedent with respect to the Maple application,” the OSC says.

“Pending the outcome of the policy issues being considered in the context of the Maple application and EMIR, the commission may determine that changes are required to the terms and conditions of recognition for Alpha LP and Alpha Exchange, which includes the terms and conditions pertaining to governance structure and conflicts of interest, and to its listing standards and requirements.”