Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Principal Issues: Whether the NYSE MKT, LLC is a designated stock exchange within the meaning of subsection 248(1) and 262(1) of the Act.
Position: Department of Finance will be consulted.
Reasons: Department of Finance makes determination.
XXXXXXXXXX
2012-043603
K. Podor
August 24, 2012
Dear XXXXXXXXXX:
Re: Designated Stock Exchange
This is in response to your email, wherein you requested confirmation of whether the NYSE MKT, LLC, formerly known as the NYSE AMEX, LLC, the NYSE Alternext U.S. and the American Stock Exchange, is a designated stock exchange for the purposes of the Income Tax Act (the “Act”).
The NYSE MKT, LLC is not currently listed on the Department of Finance list as a designated stock exchange. You request our opinion regarding whether the NYSE MKT, LLC should appear on this listing.
Our Comments
A “designated stock exchange” is defined in subsection 248(1) of the Act as a stock exchange, or that part of a stock exchange, for which a designation by the Minister of Finance under section 262 of the Act is in effect. Section 262 of the Act outlines the mechanism for designating stock exchanges.
As the Minister of Finance has the authority to determine whether this exchange will obtain designation status, we have forwarded your query to the Department of Finance for their consideration.
If the Department of Finance designates an exchange, the official name of the exchange will be published on the Department of Finance’s website.
We trust these comments are helpful.
Lita Krantz, CA
Assistant Director
International Division/ Division des opérations internationales
International Section III
Income Tax Rulings Directorate
Legislative Policy and Regulatory Affairs Branch
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