This is a reminder that the deadline for
compliance with the first phase of National Instrument 24-101 -
Institutional Trade Matching and Settlement (NI 24-101) is just
around the corner, with certain provisions of the instrument
coming into force on October 1, 2007.
NI 24-101 requires that all participants involved in
institutional trades (which includes investment advisers,
investment dealers and custodians) make changes to their trade
order management systems and operational processes to meet the
timing and performance objectives set out in NI 24-101 to
achieve trade-matching by the end of business on trade date
NI 24-101 adopts a phased-in approach, setting out
progressive trade-matching milestones, with the expectation
that matching institutional trades by the end of T will be
achieved by July 1, 2008.
As part of the initial phase-in of NI 24-101,
compliance with the following is required by no later than
October 1, 2007:
Trade-matching parties are to adopt and enforce policies
and procedures designed to achieve matching as soon as
practical after an institutional trade is executed;
Registered dealers and advisers will be prohibited from
accepting or giving orders to execute DAP or RAP on behalf of
an institutional investor unless each trade-matching party
has either entered into a trade-matching agreement or
provided a trade-matching statement containing assurances
that they have established and enforce policies and
procedures to meet the requirements of NI 24-101;
Exception reporting requirements are triggered if less
than 80% of institutional trades are matched by noon on T +
For additional information and compliance deadlines, please
see Stikeman Elliott's June 2007 Securities Law
The content of this article is intended to provide a
general guide to the subject matter. Specialist advice should
be sought about your specific circumstances.
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