23-301 - Electronic Audit Trails [CSA Staff Notice - Rescinded]
| Published Date: | 2003-03-27 |
|---|---|
| Effective Date: | 2003-03-27 |
| Rescinded Date: | 2019-03-07 |
| Document(s): |
Under Part 11 of National Instrument 23-101 Trading Rules (NI 23-101), dealers must maintain certain records relating to orders and trades. As of December 31, 2003, these records must be maintained in electronic form. NI 23-101 also requires that the dealer transmit to a regulation services provider (RSP) the information as required by the RSP.[1]
Market Regulation Services Inc. (RS) is the RSP for the Toronto Stock Exchange, TSX Venture Exchange, and a number of alternative trading systems. RS administers the Universal Market Integrity Rules (UMIR). Section 10.11 of UMIR requires dealers to maintain certain information relating to orders and trades.[2]
Bourse de Montréal Inc.(Bourse) is, through its Regulatory Division, the RSP for its own market. The Regulatory Division administers the application of Rule 6 of the Bourse which concerns trading in the derivatives instruments listed on the Bourse, such as equity options and futures contracts and options. Article 6377 of Rule 6 requires approved participants of the Bourse to maintain certain information relating to orders entered and trades executed in the trading system of the Bourse.
Canadian Securities Administrators’ Staff (CSA Staff), RS, the Investment Dealers Association (IDA), and the Bourse are working together to determine the implementation plan for the electronic audit trail and the transmission requirements. To this end, we will take the following steps:
1. RS and the Bourse will determine
· what data should be transmitted to each of them for market regulation purposes,
· by whom, and
· the frequency of the transmission
2. A consultation committee will be established in April to determine if there is a need to establish any joint technology standards to facilitate the implementation of the electronic audit trail requirements.
3. A survey will be sent to all relevant market participants to determine their readiness to implement an electronic audit trail and their ability to transmit this data electronically. A report will be made by June 2003.
4. After the evaluation of the survey results, the CSA Staff, RS, the Bourse, and the IDA will issue an implementation plan. The implementation plan will deal with both the electronic audit trail and the electronic transmission of data.
The Mutual Fund Dealers Association of Canada will be issuing a separate notice relating to the requirements in NI 23-101.
Questions
Please refer your questions to any of the following people:
Ian Kerr
Legal Counsel
Alberta Securities Commission
Phone: (403) 297-4225
E-mail: ian.kerr@seccom.ab.ca
Veronica Armstrong
Senior Policy Advisor, Legal and Market Initiatives
British Columbia Securities Commission
Phone: (604) 899-6738
E-mail: varmstrong@bcsc.bc.ca
Tracey Stern
Senior Legal Counsel, Market Regulation
Ontario Securities Commission
Phone: (416) 593-8167
E-Mail: tstern@osc.gov.on.ca
Ann Leduc
Chef du service de la réglementation
Commission des valeurs mobilières du Québec
Phone:(514) 940-2199 ext. 4572
E-mail: ann.Leduc@cvmq.com
Noelle Wood
Senior Counsel
Market Surveillance
Market Regulation Services Inc.
Phone: (416) 646-7275
Fax: (416) 646-7265
E-mail: Noelle.Wood@regulationservices.com
Keith Rose
Vice-President, Regulatory Policy
Investment Dealers Association
Phone: (416) 943-6907
Fax: (416) 943-6760
E-mail: krose@ida.ca
Jacques Tanguay
Vice-President, Regulatory Division
Bourse de Montreal Inc.
Phone: (514) 871-3518
Fax: (514) 871-3567
E-mail:jtanguay@m-x.ca