Regulatory Alerts2024-05-23
CSA Notice of Publication: Regulation to Amend Regulation 81-102 Respecting Investment Funds to Accommodate T+1 Settlement Cycles
The Canadian Securities Administrators are adopting amendments to Regulation 81-102 and changes to Policy Statement 81-102 to allow mutual funds to voluntarily shorten their settlement cycles from T+2 to T+1. These changes require funds to make payments no later than the reference settlement date and mandate that securities be redeemed for non-payment on T+2 rather than the previous T+3 timeline. The regulatory body also provides guidance clarifying acceptable methods for funds to make their reference settlement dates available in writing, such as through clearing agencies or designated websites.
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