IIROC delays debt trade reporting change to 2020

Citing industry concerns about the deadline, securities regulators are pushing back the implementation date for new debt trade reporting requirements until 2020.

The Investment Industry Regulatory Organization of Canada (IIROC) said Thursday that it’s delaying rule changes that will reduce the transaction reporting deadline for debt transactions from T+1 (trade date plus one day) to the day of the trade.

The new requirement was set to be adopted on Oct. 28, 2019, but IIROC is pushing it back by six months to April 27, 2020.

The change follows meetings with industry representatives “who expressed concerns” about meeting the new requirements, which are being adopted to align the reporting deadlines for debt securities with the reduced settlement cycles.

The package of rule changes to introduce the shorter reporting period for debt trades also includes changes to the data that must be reported about repo transactions. IIROC is not changing the date for the changes to repo reporting, which will still take effect in October.

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