T+1 Mutual Funds Working Group (MFWG)
The T+1 Mutual Funds Working Group (MFWG) has been mandated to identify all operational issues and obstacles related to mutual funds as Canada moves from a standard 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 MFWG membership is open to individuals representing firms and organizations with an interest in the T+1 initiative. These firms and organizations include the manufacturers, broker-dealers, associations, service providers, industry utilities, self-regulatory organizations, and regulatory bodies. New members may join the MFWG at any point.
The MFWG reports to the CCMA T+1 Steering Committee (T1SC) via the MFWG Chair.
The MFWG will:
- identify, describe and document all operational Mutual Funds issues including systems, processes and procedures related to the move to T+1;
- achieve industry consensus on proposed solutions, action plans and timelines for all open issues, including the determination of testing criteria/requirements;
- assign responsibility for issues;
- provide ongoing communication to the T1SC, tracking issues through to completion;
- provide additional guidance, direction, and support for T+1 operational mutual fund issues as requested by the T1SC; and
- identify if sub-working groups will be required for specific issues.
Meetings will be called by the Chair. Notices calling meetings and agendas will be sent to all MFWG members. Meetings will be minuted and attendance recorded. Meeting minutes will be tabled with the MFWG for approval. There is no set minimum quorum requirement for meetings. All recommendations will be forwarded to the T1SC for final approval. Minutes, decisions and issue logs of the MFWG may be posted on the CCMA website.