Securities

Toronto – The Canadian Securities Administrators (CSA) today published two notices outlining amendments to support the transition from a three-day settlement cycle (T+3) for trades in Canada to two days (T+2) on September 5, 2017, consistent with the U.S.

“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.

The CSA today published final amendments to National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101) and its companion policy to support a smooth transition to T+2 for equity and long-term debt market trades. These amendments will apply to registered dealers and advisers, clearing agencies and matching service utilities. Because of the interconnectedness of Canadian and U.S. capital markets, final amendments to NI 24-101 will come into force on September 5, 2017 or on any other target date for U.S. capital markets.

At the same time, the CSA, other than the British Columbia Securities Commission (BCSC), published 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). The proposed amendments shorten the settlement cycle for conventional mutual funds to T+2.

While the BCSC is not an authority publishing the proposed amendments to NI 81-102, it anticipates that, subject to receiving the necessary approvals, it will, in the near future, publish for comment proposed amendments that will be consistent with these proposed amendments.

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

The notices can be found on CSA members’ websites.

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

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For more information:

Kristen Rose
Ontario Securities Commission
416-593-2336

Nicole Tuncay
Alberta Securities Commission
403-297-4008

Alison Walker
British Columbia Securities Commission
604-899-6713

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Jason (Jay) Booth
Manitoba Securities Commission
204 945-1660

Andrew Nicholson
Financial and Consumer Services
Commission, New Brunswick
506 658-3021

David Harrison
Nova Scotia Securities Commission
902 424-8586

Janice Callbeck
Office of the Superintendent of Securities
P.E.I.
902 368-6288

John O’Brien
Office of the Superintendent of Securities
Newfoundland and Labrador
709 729-4909

Rhonda Horte
Office of the Yukon Superintendent of
Securities
867 667-5466

Jeff Mason
Nunavut Securities Office
867 975-6591

Tom Hall
Office of the Superintendent of Securities
Northwest Territories
867 767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306 798-4160