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ARTICLE · 18 SEPTEMBER 2012

Letter In Response To Request For Comments Re: CSA Consultation Paper 91-405 - Derivatives: End-User Exemption

This letter is in response to the request for comments regarding Canadian Securities Administrators Consultation Paper 91-405 - Derivatives: End-User Exemption.

CanadaFinance and Banking

This letter is in response to the request for comments regarding Canadian Securities Administrators ("CSA" or the "Committee") Consultation Paper 91-405 - Derivatives: End-User Exemption ("CSA Paper 91-405"), which outlines an exemption (the "End-User exemption") for businesses who utilize over-the-counter derivatives ("OTC Derivatives") to manage and mitigate the risks related to their operations from a number of the proposed regulation requirements the Committee is recommending for the regulation of OTC Derivatives.

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September 5, 2012

DELIVERED VIA ELECTRONIC MAIL

Alberta Securities Commission
Autorité des marchés financiers
British Columbia Securities Commission

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