24-501 (Blanket Order) - In the Matter of Relief from Certain Reporting Requirements under National Instrument 24-202 Institutional Trade Matching and Settlement
R.S.P.E.I. 1988, Cap-S-3.1
Document Type: Blanket Order
Document No: 24-501
Subject: In the Matter of Relief from Certain Reporting Requirements under National Instrument 24-202 Institutional Trade Matching and Settlement
Effective Date: March 23, 2020
BLANKET ORDER 24-501
1. The Superintendent is Securities has the authority to make exemption orders under provisions of the Securities Act (the “Act”), including orders of general application.
2. Unless otherwise defined in this order, terms used in this order that are defined in the Act, in National Instrument 14-101 Definitions, or in National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101) have the same meaning in this order.
3. Section 4.1 of NI 24-101 requires a registered firm to deliver a Form 24-101F1 to the securities regulatory authority within 45 days after the end of a calendar quarter if:
(a) less than 90 percent of the DAP/RAP trades executed by or for the registered firm during the quarter matched within the time required in Part 3, or
(b) the DAP/RAP trades executed by or for the registered firm during the quarter that matched within the time required in Part 3 represent less than 90 percent of the aggregate value of the securities purchased and sold in those trades.
4. Comments from industry participants have noted that the submission of Form 24-101F1 pursuant to section 4.1 of NI 24-101 is administratively burdensome and does not provide useful information.
5. Members of the Canadian Securities Administrators are considering potential amendments to NI 24-101 to reduce unnecessary burdens on industry participants.
6. The Superintendent is of the opinion that to order relief in these circumstances would not be prejudicial to the public interest.
IT IS ORDERED:
1. Pursuant to section 16 of the Act, that section 4.1 of NI 24-101 does not apply to a registered firm during the period beginning on July 1, 2020 and ending on July 1, 2023.
2. This Order comes into effect on July 1, 2020.
DATED at Charlottetown, Prince Edward Island, this 23rd day of March, 2020.