CANADA: IIROC Amendments to Facilitate the Investment Industry’s Move to T+2 settlement

Friday June 30 2017

On 29 June 2017, the Investment Industry Regulatory Organisation of Canada (IIROC) was given approval by all necessary authorities for the amendments to the Universal Market Integrity Rules (UMIR) and Dealer Member Rules (DMR), regarding the investment industry’s move from a trade date plus three business days (T+3) settlement cycle to a trade date plus two business days (T+2) settlement cycle.

The Amendments are being implemented to ensure that IIROC’s requirements support the investment industry’s move to T+2 settlement at the same time as the U.S. The Amendments will be effective on September 5, 2017. In the event that there is a delay in the implementation of T+2 settlement in the U.S., we will also delay our implementation of the Amendments and provide a revised implementation timeline through a Notice.

Please click on the above link for more information.