T+1 Steering Committee (T1SC)

Overview

The T+1 Steering Committee (T1SC) has been mandated to co-ordinate an industry-wide effort to shorten the securities settlement cycle from the current two-day period, or T+2, to a one-day period, or T+1. The T1SC identifies legal and regulatory changes, systems, processes and procedural changes, and ensures effective communication and education of the overall Canadian financial services industry.

The Canadian T+1 initiative is being coordinated in concert with the United States.  The joint Canadian-American implementation date is targeted for the first half of 2024.

Composition

The T1SC membership is open to individuals representing firms and organizations with an interest in the T+1 initiative.  These firms and organizations include the buy-side, custodians, sell-side, service providers, industry utilities, self-regulatory organizations, and other regulatory bodies.

Reporting Structure

The T1SC reports to the CCMA Board of Directors via the Executive Director/Co-Chair of the T1SC.

Responsibilities

The T1SC will, or will oversee working groups that will:

• identify all areas (system development, procedure, process, etc.) that need to be addressed,
• identify the solution(s) to the above,
• gain industry agreement on required standards,
• identify and promote supportive rule changes, if any,
• agree on timelines,
• coordinate activities to complete the tasks,
• engage and communicate with all parts of the industry,
• educate those in need of education,
• plan the industrywide testing that will be needed to ensure overall industry readiness, and
• coordinate with the U.S. to ensure a lock-step approach with regards to implementation.

Governance

Meetings will be called by one of the Co-Chairs.  Notices calling meetings and agendas will be sent to all TiSC members/observers.  Meetings will be minuted and attendance recorded.  Meeting minutes will be tabled with the T1SC for approval.  There is no set minimum quorum requirement for meetings.  Minutes and decisions of the T1SC may be posted on the CCMA website.