IIAC Asks SEC and CSA to Confirm Labour Day Weekend 2024 Compliance Date for T+1

February 13, 2023 by Public Affairs

In a February 9, 2023 letter to Securities and Exchange Commission (SEC) Chair Gensler and CSA Chairs, the IIAC requested that the SEC confirm September 3, 2024, (Labour Day weekend) as the compliance date for the move to shorten the standard settlement cycle for most broker-dealer transactions from two business days after trade date (T+2) to one (T+1). Given Canada and U.S. capital markets are highly integrated, it is imperative that both countries transition to T+1 on the same day to avoid disruption to crucial cross border commerce.

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