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2023-12-14

Amendments to Policy Statement to Regulation 24-101 respecting Institutional Trade Matching and Settlement

The regulator amends Policy Statement to Regulation 24-101 to update references from the Investment Industry Regulatory Organization of Canada to the Canadian Investment Regulatory Organization. The changes include replacing specific IIROC member rules with corresponding IDPC rules and adjusting operational deadlines, such as shifting a time requirement from noon to 3:59 a.m. and moving from a T+2 to a T+1 settlement cycle. Additionally, the document repeals certain sections and reorganizes the remaining provisions regarding information reporting and confidentiality.

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1 AMENDMENTS TO POLICY STATEMENT TO REGULATION 24-101 RESPECTING INSTITUTIONAL TRADE MATCHING AND SETTLEMENT

  1. Section 1.2 of Policy Statement to Regulation 24-101 respecting Institutional Trade Matching and Settlement is amended: (1) by replacing “Investment Industry Association of Canada (IIROC) Member Rule 800.49” in footnote 3 of paragraph (2) by “Canadian Investment Regulatory Organization (CIRO) Rules, such as IDPC Rule 4753”; (2) by replacing “IIROC Member Rule 200.1(h)” in footnote 5 of subparagraph (c) of paragraph (3) by “IDPC Rule 3816 Trade Confirmations”.
  2. Section 1.3 of the Policy Statement is amended by replacing “IIROC” in paragraph (4) by “IDPC”.
  3. Section 2.2 of the Policy Statement is amended by replacing “12 p.m. (noon)” by “3:59 a.m.”.
  4. Section 2.3 of the Policy Statement is amended by replacing “provide” in subparagraph (c) of paragraph (1) by “prescribe”.
  5. Section 2.4 of the Policy Statement is amended by replacing “IIROC Member Rule No. 35 - Introducing Broker/Carrying Broker Arrangements” in footnote 8 of paragraph (2) by “IDPC Rule 2400 Acceptable Back Office Arrangements”.
  6. Sections 3.1 and 3.2 of the Policy Statement are repealed.
  7. The title of section 3.3 of the Policy Statement is replaced by the following: “3.1. Information Reporting Requirements”.
  8. Section 3.4 of the Policy Statement is repealed.
  9. Section 3.5 of the Policy Statement is amended: (1) by replacing the title by the following: “3.2. Confidentiality of information”; (2) by striking out “registered firm,”.
  10. Section 4.5 of the Policy Statement is amended by striking out “during normal business hours” in paragraph (3).
  11. Section 5.1 of the Policy Statement is amended: (1) by replacing “T+2” by “T+1”; (2) by replacing “IIROC Member Rule 800.27 and TSX Rule 5-103(1)” in footnote 11 by “IDPC Rule 4800”.
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