T+1 Legal & Regulatory Working Group (LRWG)
The Legal & Regulatory Working Group (LRWG) has been mandated to identify all legal and regulatory issues related to Canada’s move from a securities settlement period of two days (T+2) to one day (T+1).
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.
The LRWG 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 regulatory bodies. New members may join the LRWG at any point.
The LRWG reports to the CCMA T+2 Steering Committee (T2SC) via the LRWG Chair.
The LRWG will:
- identify, describe and document all legal and regulatory issues related to the move to T+2;
- achieve industry consensus on proposed solutions, action plans and timelines for all open issues;
- assign responsibility for issues;
- provide ongoing communication to the T1SC, tracking issues through to completion; and
- provide additional guidance, direction, and support for T+1 legal and regulatory issues as requested by the T2SC.
Meetings will be called by the Chair. Notices calling meetings and agendas will be sent to all LRWG members. Meetings will be minuted and attendance recorded. Meeting minutes will be tabled with the LRWG for approval. There is no set minimum quorum requirement for meetings. All recommendations will be forwarded to the T1SC for final approval. Minutes and decisions of the LRWG may be posted on the CCMA website.