May 23, 2024 CSA

Toronto – The Canadian Securities Administrators (CSA) today published final amendments that would help mutual funds that voluntarily shorten their trade settlement cycles from two trading days to one (T+1), following the transition by North American securities markets to T+1 settlement this month.

The amendments accommodate a range of settlement cycles for mutual funds, including those switching to T+1. This includes amendments that clarify payment dates for transactions and the timeframe for forced redemption of securities for non-payment. For funds moving to T+1, the timeframe for forced redemption of securities for non-payment changes from three days to two days after the pricing date.

The CSA Notice on Amendments to National Instrument 81-102 Investment Funds and changes to its Companion Policy 81-102CP can be found on CSA members' websites This link will open in a new window.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For media inquiries, please contact:

Ilana Kelemen
Canadian Securities Administrators
[email protected]

Andy McNair-West
Ontario Securities Commission
[email protected]

For investor inquiries, please contact your local securities regulator This link will open in a new window.