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ARTICLE · 06 JULY 2023

Taking Action To Extend Moratorium On Institutional Trade Match Reporting

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These amendments are expected to come into force in May 2024 to coincide with Canada's move to a T+1 settlement cycle.

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As we first described in our April 2020 bulletin, securities commissions across the country granted exemptions to certain requirements in National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101) to provide for a three-year moratorium on the trade match exception reporting requirement (Exception Reporting Requirement). Prior to the moratorium, registered dealers and advisers were required to file a Form 24-101F1 if less than 90% of trades executed by or for the firm in the preceding quarter matched within the time required in NI 24-101. The Canadian Securities Administrators (CSA) have also since published for comment proposed amendments to NI 24-101 intended to shorten the standard settlement cycle for institutional equity and long-term debt market trades from T+2 to T+1, as well as permanently repeal the Exception Reporting Requirement. These amendments are expected to come into force in May 2024 to coincide with Canada's move to a

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