Ontario Securities Commission – Coordinated Blanket Order 24-930

Ontario Securities Commission

COORDINATED BLANKET ORDER 24-930

Citation: Temporary Exemption from certain filing requirements of National Instrument 24-101 Institutional Trade Matching and Settlement

June 15, 2023

Definitions

1. Terms defined in the Securities Act (Ontario) (OSA) and National Instrument 24-101 Institutional Trade Matching and Settlement (NI 24-101) have the same meanings in this blanket order.

Background

2. On July 1, 2020, the Ontario Securities Commission (the Commission) amended NI 24-101 (the 2020 Amendment) to provide a three-year moratorium on the applicability of section 4.1 of NI 24-101 (Exception Reporting Requirement).{1} Pursuant to the 2020 Amendment, registered dealers and advisers (Registered Firms) were not required to deliver Form 24-101F1 to the Commission from July 1, 2020 to July 1, 2023 (the 2020 Moratorium).

3. The securities regulatory authorities of British Columbia, Alberta, Saskatchewan, Manitoba, Quebec, Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador, Nunavut, the Northwest Territories, and Yukon, effected the 2020 Moratorium by way of blanket orders which were harmonized with the 2020 Amendment.

4. On December 15, 2022, the Canadian Securities Administrators (the CSA) published for comment proposed amendments to NI 24-101 (the Proposed 24-101 Amendments) in its Notice entitled: "Proposed Amendments to National Instrument 24-101 Institutional Trade Matching and Settlement and Proposed Changes to Companion Policy 24-101 Institutional Trade Matching and Settlement."{2} The Proposed 24-101 Amendments would, if implemented, among other things, include the permanent elimination of the Exception Reporting Requirement and are expected to come into force on a date that is aligned with Canada's industry to move to a T+1 settlement cycle, currently expected to be May 27, 2024.

5. The Commission seeks to provide Registered Firms with the exemption listed below to address the time between the end of the 2020 Moratorium and the effective date of the Proposed 24-101 Amendments.

Order

6. The Commission, considering that it would not be prejudicial to the public interest to do so, orders under subsection 143.11(2) of the OSA that a Registered Firm is exempt from the Exception Reporting Requirement.

Effective Date and Term

7. This blanket order comes into effect on July 2, 2023, and will cease to be effective on the earlier of the following:

(a) the effective date of the Proposed 24-101 Amendments;

(b) the date that is 18 months after the date of this blanket order unless extended by the Commission.

For the Commission:

"D. Grant Vingoe"

Chief Executive Officer

Ontario Securities Commission

{1} https://www.osc.ca/en/securities-law/instruments-rules-policies/2/24-101/ontario-securities-commission-amendments-national-instrument-24-101-institutional-trade-matching

{2} https://www.osc.ca/en/securities-law/instruments-rules-policies/2/24-101/csa-notice-and-request-comment-proposed-amendments-national-instrument-24-101-institutional-trade