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2022-12-15

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

The regulator issues draft amendments to Policy Statement to Regulation 24-101 to align institutional trade matching and settlement requirements with updated IIROC Rules. Key changes include accelerating the trade matching deadline from T+1 noon to T 9 p.m. Eastern Time and replacing T+2 settlement references with T+1. The amendments also repeal outdated sections, update specific rule citations, and modify confidentiality and information reporting provisions to reflect current regulatory standards.

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Autorite des marches financiers Quebec

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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 “Member Rule 800.49”, in footnote 3 of paragraph (2), by “Rules, such as section 4753 of the IIROC Rules”; (2) by replacing “IIROC Member Rule 200.1(h)”, in footnote 5 of subparagraph (c) of paragraph (3), by “section 3816 of the IIROC Rules”.
  2. Section 2.2 of the Policy Statement is amended by replacing “12 p.m. (noon) Eastern Time on T+1” by “9 p.m. Eastern Time on T”.
  3. Section 2.3 of the Policy Statement is amended by replacing “provide”, in subparagraph (c) of paragraph (1), by “prescribe”.
  4. Section 2.4 of the Policy Statement is amended by replacing “Member Rule 35 - Introducing Broker/Carrying Broker Arrangements”, in footnote 8 of paragraph (2), by “IIROC Rule 2400 Acceptable Back Office Arrangements”.
  5. Sections 3.1 and 3.2 of the Policy Statement are repealed.
  6. The title of section 3.3 of the Policy Statement is replaced with the following: “3.1. Information Reporting Requirements”.
  7. Section 3.4 of the Policy Statement is repealed.
  8. Section 3.5 of the Policy Statement is amended: (1) by replacing the title with the following: “3.2. Confidentiality of information”; (2) by striking out “registered firm,”.
  9. Section 4.5 of the Policy Statement is amended by striking out, in paragraph (3), “during normal business hours”.
  10. 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”, in footnote 11, by “section 4805 of the IIROC Rules”.
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