On August 27, 2015, the Autorité des marchés financiers published Decision No. 2015-PDG-0132 (the Extension Decision) that postpones the effective date of the revocation of the blanket derivatives exemption under the Quebec Derivatives Act (QDA) (the Blanket Order) by nine months, from September 5, 2015 (see our August bulletin) to June 5, 2016.

The Extension Decision provides entities who wish to continue dealing in listed options and futures derivatives (for which an exemption was available in the Blanket Order) with a nine-month window to apply for registration as derivatives dealers under the QDA. The Extension Decision also provides transitional relief for exempted entities trading in derivatives under the Blanket Order from having to obtain these derivatives from accredited investors using the new risk acknowledgement form (Form 45- 106F9) required by National Instrument 45-106 Prospectus Exemptions (NI 45-106). This transitional relief will end on June 5, 2016.