On May 3, the Ontario Securities Commission published a notice summarizing the public comments received to date on Maple Group's proposed acquisition of TMX Group and identifying changes to the application since its original publication in October 2011. The notice also contains a proposed order recognizing Maple Group, TMX Group and TSX as exchanges. According to the OSC, the proposed order, which also approves the beneficial ownership by Maple of more than 10% of each of TMX Group and TSX, was released following an extensive review of Maple Group's acquisition proposal.

The recognition order also sets out various terms and conditions applicable to Maple, TMX Group and TSX, including with respect to governance, fee models and financial reporting. Further, a separate order was published to recognize the Canadian Depository for Securities Limited and CDS Clearing and Depository Services as clearing agencies, subject to various terms and conditions.

The OSC is accepting comments on the proposed orders, including their terms and conditions,  until June 4, 2012.