Regulatory Alerts2022-12-15
Draft Regulation to amend Regulation 24-101 respecting Institutional Trade Matching and Settlement
The Quebec securities regulator proposes amendments to Regulation 24-101 to align institutional trade matching and settlement timelines with the T+1 standard. The draft replaces the previous T+1 noon deadline with a 9 p.m. Eastern Time deadline on the trade date (T) and updates related reporting forms to reflect these changes. Additionally, the regulation repeals specific sections and forms while updating terminology regarding cyber resilience and stress testing simulations.
1 REGULATION TO AMEND REGULATION 24-101 RESPECTING INSTITUTIONAL TRADE MATCHING AND SETTLEMENT Securities Act (chapter V-1.1, s. 331.1, par. (1), (3), (8), (9.1), (26), (32.0.1) and (34))
- Section 1.1 of Regulation 24-101 respecting Institutional Trade Matching and Settlement (chapter V-1.1, r. 8) is amended: (1) by inserting, in paragraph (b) of the definition of the expression “tradematching party” and after “if a registered adviser is not acting for the institutional investor in processing the trade, the institutional investor”, “,”; (2) by striking out the definition of the expression “T+2”.
- Sections 3.1 and 3.3 of the Regulation are amended by replacing “12 p.m. (noon) Eastern Time on T+1”, in paragraph (1), by “9 p.m. Eastern Time on T”.
- Sections 4.1 and 4.1.1 of the Regulation are repealed.
- Section 6.5 of the Regulation is amended, in paragraph (a): (1) by replacing “tests avec charge élevée”, in subparagraph (ii) of the French text, by “simulations de crise”; (2) by inserting, in subparagraph (iv) and after “review”, “the adequacy of cyber resilience and”.
- Form 24-101F1 of the Regulation is repealed.
- Form 24-101F2 of the Regulation is amended, in Exhibit A : (1) by replacing “MMM” by “MM”; (2) by replacing tables 1 and 2 by the following: “Table 1 – Equity trades:
of
Trades % Industry $ Value of Trades % Industry
of
Trades % Industry $ Value of Trades % Industry T – noon T – 9 p.m. T + 1 – noon T + 1 – 3 p.m. T + 1 – 11:59 p.m.
T + 1 Total “Table 2 – Debt trades:
of
Trades % Industry $ Value of Trades % Industry
of
Trades % Industry $ Value of Trades % Industry T – noon T – 9 p.m. Entered into matching service utility by dealerusers/subscribers Matched in matching service utility by other users/subscribers Entered into matching service utility by dealerusers/subscribers Matched in matching service utility by other users/subscribers
2 T + 1 – noon T + 1 – 3 p.m. T + 1 – 11:59 p.m.
T + 1 Total ”.
- Form 24-101F3 of the Regulation is amended: (1) by replacing “MMM”, wherever it appears, by “MM”; (2) by replacing “d’essai avec charge élevée”, in the French text of paragraph (1) of Exhibit L, by “de simulation de crise”; (3) by striking out, in Exhibit N, “during normal business hours”.
- Form 24-101F4 of the Regulation is amended by replacing “MMM”, under the heading “DATE OF CESSATION INFORMATION”, by “MM”.
- Form 24-101F5 of the Regulation is amended, in Exhibit C: (1) by replacing “MMM” by “MM”; (2) by replacing tables 1 and 2 by the following: “Table 1 – Equity trades:
of
Trades % Industry $ Value of Trades % Industry
of
Trades % Industry $ Value of Trades % Industry T – noon T – 9 p.m. T + 1 – noon T + 1 – 3 p.m. T + 1 – 11:59 p.m.
T + 1 Total “Table 2 – Debt trades:
of
Trades % Industry $ Value of Trades % Industry
of
Trades % Industry $ Value of Trades % Industry T – noon T – 9 p.m. T + 1 – noon T + 1 – 3 p.m. T + 1 – 11:59 p.m.
T + 1 Total ”.
- This Regulation comes into force on (indicate here the date of coming into force of this Regulation). Entered into matching service utility by dealerusers/subscribers Matched in matching service utility by other users/subscribers Entered into matching service utility by dealerusers/subscribers Matched in matching service utility by other users/subscribers