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THE SECURITIES ACT |
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Order No. 7503 |
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Subsection 20(1) |
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March 2, 2020 |
BLANKET ORDER 24-502
RELIEF FROM CERTAIN REPORTING REQUIREMENTS UNDER NATIONAL
INSTRUMENT 24-101 INSTITUTIONAL TRADE MATCHING AND SETTLEMENT
WHEREAS:
(A) 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.
(B) 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:
1. 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
2. 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.
(C) 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.
(D) The Manitoba Securities Commission (the Commission) is considering potential amendments to NI 24-101 to reduce unnecessary burdens on industry participants.
(E) The Commission is of the opinion that to order relief in these circumstances would not be prejudicial to the public interest.
IT IS ORDERED:
1. THAT, pursuant to section 20(1) of the Act, that section 4.1 of NI 24-101 does not apply to deliveries otherwise required by that section at any time in the period beginning on July 1, 2020 and ending on July 1, 2023.
EFFECTIVE DATE
This Order comes into effect on July 1, 2020.
BY ORDER OF THE COMMISSION
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"Chris Besko" |
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Director |