Regulatory Alerts2023-10-19
CSA Notice and Request for Comment: Draft Regulation to amend Regulation 81-102 respecting Investment Funds
The Canadian Securities Administrators propose amendments to Regulation 81-102 to facilitate mutual funds voluntarily shortening their settlement cycle for purchases and redemptions from T+2 to T+1. The Draft Amendments clarify payment timing requirements and adjust forced redemption rules so that non-payment redemptions occur on T+2 rather than the current T+3 standard. This regulatory change aligns mutual fund settlement practices with the anticipated reduction of the standard settlement cycle for equity and long-term debt market trades in Canada to T+1.
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