News Release

Toronto – The Canadian Securities Administrators (CSA) today published final amendments that would help mutual funds that voluntarily shorten their trade settlement cycles from two trading days to one (T+1), following the transition by North American securities markets to T+1 settlement this month.

The amendments accommodate a range of settlement cycles for mutual funds, including those switching to T+1. This includes amendments that clarify payment dates for transactions and the timeframe for forced redemption of securities for non-payment. For funds moving to T+1, the timeframe for forced redemption of securities for non-payment changes from three days to two days after the pricing date.

The CSA Notice on Amendments to National Instrument 81-102 Investment Funds and changes to its Companion Policy 81-102CP can be found on CSA members' websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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