19 May 2017
Toronto
Reporter: Drew Nicol

Canadian securities regulator expands T+2 proposals


The Canadian Securities Administrators (CSA) is currently fielding comments from financial market participants on its final proposed amendments to its roadmap for Canada’s transition to a T+2 settlement cycle, scheduled for 5 September.

The proposals relate to the National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101) for equity and long-term debt market trades.

These amendments will apply to registered dealers and advisers, clearing agencies and matching service utilities.

CSA confirmed that, because of the interconnectedness of Canadian and US capital markets, final amendments to NI 24-101 will come into force in tandem.

At the same time, the CSA published a ‘notice and request for comment: adoption of a T+2 settlement cycle for conventional mutual funds’, along with proposed amendments to National Instrument 81-102 Investment Funds (NI 81-102), which would see the settlement cycle for conventional mutual funds cut to T+2.

Comments on the proposed amendments to NI 81-102 should be submitted by 26 July and regulators expect to publish the final amendments late in the summer of 2017.

“Canadian securities regulators are committed to facilitating a smooth transition to the T+2 settlement cycle and to ensuring consistency across the markets by applying the shorter settlement cycle to all securities, including mutual funds,” said Louis Morisset, CSA chair and president and CEO of the Autorité des marchés financiers.

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