TORONTO, Aug. 18, 2016 /CNW Telbec/ - The Canadian Securities Administrators (CSA) today published proposed amendments to National Instrument 24-101 Institutional Trade Matching and Settlement in addition to CSA Consultation Paper 24-402 Policy Considerations for Enhancing Settlement Discipline in a T+2 Settlement Cycle Environment. The comment period is open until November 16, 2016.
Amendments to the National Instrument are being proposed as part of the Canadian securities industry's plans to shorten the standard settlement cycle for trades from three days after a trade (T+3) to two days after a trade (T+2). The transition to T+2 will occur on September 5, 2017, the same date the markets in the United States are planning to move to a T+2 settlement cycle.
"A shorter settlement cycle is expected to mitigate risk in securities clearing and settlement by reducing counterparty exposure between the parties to a trade," said Louis Morisset, Chair of the CSA and Chair and CEO of the Autorité des marchés financiers.
The industry's T+2 initiatives are expected to consider operational improvements to manage settlement risk in the move to T+2. In parallel with the amendments to the National Instrument and industry's efforts, CSA members are seeking comment on the adequacy of the current settlement discipline regime for a T+2 cycle and whether enhancements to the regime might be desirable to help support a smooth transition to T+2. Any proposal to enhance the current settlement discipline regime arising from the consultation paper would require a further public comment process.
The proposed amendments and consultation paper 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.
| For more information: |
|
| Kristen Rose |
Nicole Tuncay |
| Ontario Securities Commission |
Alberta Securities Commission |
| 416-593-2336 |
403-297-4008 |
| Alison Walker |
Sylvain Théberge |
| British Columbia Securities Commission |
Autorité des marchés financiers |
| 604-899-6713 |
514-940-2176 |
| Jason (Jay) Booth |
Andrew Nicholson |
| Manitoba Securities Commission |
Financial and Consumer Services |
| 204-945-1660 |
Commission, New Brunswick |
| 506-658-3021 |
|
| Tanya Wiltshire |
Janice Callbeck |
| Nova Scotia Securities Commission |
Office of the Superintendent of Securities |
| 902-424-8586 |
P.E.I. |
| 902-368-6288 |
|
| John O'Brien |
Rhonda Horte |
| Office of the Superintendent of Securities |
Office of the Yukon Superintendent of |
| Newfoundland and Labrador |
Securities |
| 709-729-4909 |
867-667-5466 |
| Jeff Mason |
Tom Hall |
| Nunavut Securities Office |
Office of the Superintendent of Securities |
| 867-975-6591 |
Northwest Territories |
| 867-767-9305 |
|
| Shannon McMillan |
|
| Financial and Consumer Affairs |
|
| Authority of Saskatchewan |
|
| 306-798-4160 |
|
SOURCE Autorité des marchés financiers
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; Tanya Wiltshire, 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
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