Securities Act 2007
B.C. Reg. 109/2024
British Columbia — Consolidated Statutes
64/2007
British Columbia Securities Commission
March 15, 2007
October 1, 2007, sections 3.2 and 3.4 and Parts 4 and 6 only;
remainder effective April 1, 2007
Securities Act
National Instrument 24-101 Institutional Trade Matching and Settlement
[Last amended May 27, 2024 by B.C. Reg. 109/2024]
64_2007_pit
Definitions and
Interpretation
Definitions
1.1
In this Instrument,
clearing agency means a recognized clearing agency that operates as a securities settlement system as defined in
section 1.1 of National Instrument 24-102 Clearing Agency Requirements ;
custodian means a person or company that holds securities
for the benefit of another under a custodial agreement or other custodial
arrangement;
DAP/RAP trade means a trade in a security
executed for a client trading account that permits settlement on a delivery
against payment or receipt against payment basis through the facilities of a clearing
agency, and
for which settlement is completed on behalf of the client by a custodian other than the dealer that executed the trade;
institutional investor means a client of a dealer that has
been granted DAP/RAP trading privileges by the dealer;
marketplace has the same meaning as in National Instrument
21-101 Marketplace Operation ;
matching service utility means a person or company that
provides centralized facilities for matching, but does not include a clearing
agency;
registered firm means a person or company registered under
securities legislation as a dealer or adviser;
trade-matching agreement means, for trades executed with or
on behalf of an institutional investor, a written agreement entered into among
trade-matching parties setting out the roles and responsibilities of the trade-matching
parties in matching those trades and including, without limitation, a term by which the
trade-matching parties agree to establish, maintain and enforce policies and procedures
designed to achieve matching as soon as practical after a trade is executed;
trade-matching party means, for a trade executed with or on
behalf of an institutional investor,
a registered adviser acting for the institutional investor in processing the
trade,
if a registered adviser is not acting for the institutional investor in
processing the trade, the institutional investor unless the institutional investor
an individual, or
a person or company with total securities under administration or management
not exceeding $10 million,
a registered dealer executing or clearing the trade, or
a custodian of the institutional investor settling the trade;
trade-matching statement means, for trades executed with or
on behalf of an institutional investor, a signed written statement of a trade-matching
party confirming that it has established, maintains and enforces policies and procedures
designed to achieve matching as soon as practical after a trade is executed;
T means the day on which a trade is executed;
T+1 means the next business day following T.
[am. B.C. Regs. 226/2009, Sch. G, s. 1; 222/2010, s. 1; 167/2017, s. 2; 109/2024, s. 2.]
Interpretation — trade matching and Eastern Time
1.2
In this Instrument, matching is the process by which
the details and settlement instructions of an executed DAP/RAP trade are
reported, verified, confirmed and affirmed or otherwise agreed to among the
trade-matching parties, and
unless the process is effected through the facilities of a clearing agency,
the matched details and settlement instructions are reported to a clearing
agency.
For the purposes of this Instrument, in Qu bec, a clearing agency includes a clearing house and a settlement system within the meaning of the Securities Act (Qu bec).
[am. B.C. Reg. 167/2017, s. 3.]
Application
Application
2.1
This Instrument does not apply to
a trade in a security of an issuer that has not been previously issued or for
which a prospectus is required to be sent or delivered to the purchaser under securities
legislation,
a trade in a security to the issuer of the security,
a trade made in connection with a take-over bid, issuer bid, amalgamation,
merger, reorganization, arrangement or similar transaction,
a trade made in accordance with the terms of conversion, exchange or exercise of
a security previously issued by an issuer,
a trade that is a securities lending, repurchase, reverse repurchase or similar
financing transaction,
a purchase governed by
Part 9, or a redemption governed by
Part 10, of National Instrument 81-102 Investment Funds ,
a trade to be settled outside Canada,
a trade in an option, futures contract or similar derivative, or
a trade in a negotiable promissory note, commercial paper or similar short-term
debt obligation that, in the normal course, would settle in Canada on T.
[am. B.C. Regs. 222/2010, s. 2; 176/2014, Sch. F, s. 1 (b); 167/2017, s. 4.]
Trade Matching Requirements
Matching deadlines for registered dealer
3.1
A registered dealer must not execute a DAP/RAP trade with or on behalf of an institutional investor unless the dealer has established, maintains and enforces policies and procedures designed to achieve matching as soon as practical after such a trade is executed and in any event no later than 3:59 a.m. Eastern Time on T+1.
Repealed. [B.C. Reg. 167/2017, s. 5 (b).]
[am. B.C. Regs. 222/2010, s. 3; 167/2017, s. 5; 109/2024, s. 3.]
Pre-DAP/RAP trade execution documentation requirement for
dealers
3.2
A registered dealer must not open an account to execute a DAP/RAP trade for an institutional investor or accept an order to execute a DAP/RAP trade for the account of an institutional investor unless its policies and procedures are designed to encourage each trade-matching party to
enter into a trade-matching agreement with the dealer, or
provide a trade-matching statement to the dealer.
[en. B.C. Reg. 222/2010, s. 4; am. B.C. Reg. 167/2017, s. 6.]
Matching deadlines for registered adviser
3.3
A registered adviser must not give an order to a dealer to execute a DAP/RAP trade on behalf of an institutional investor unless the adviser has established, maintains and enforces policies and procedures designed to achieve matching as soon as practical after such a trade is executed and in any event no later than 3:59 a.m Eastern Time on T+1.
Repealed. [B.C. Reg. 167/2017, s. 7 (b).]
[am. B.C. Regs. 222/2010, s. 5; 167/2017, s. 7; 109/2024, s. 4.]
Pre-DAP/RAP trade execution documentation requirement for
advisers
3.4
A registered adviser must not open an account to execute a DAP/RAP trade for an
institutional investor or give an order to a dealer to execute a DAP/RAP trade for the
account of an institutional investor unless its policies and procedures are designed to
encourage each trade-matching party to
enter into a trade-matching agreement with the adviser, or
provide a trade-matching statement to the adviser.
[en. B.C. Reg. 222/2010, s. 6; am. B.C. Reg. 167/2017, s. 8.]
Reporting by Registered Firms
Repealed
4.1
Repealed. [B.C. Reg. 109/2024, s. 5.]
Reporting Requirements for Clearing Agencies
Requirements for clearing agencies
5.1
A clearing agency must deliver Form 24-101F2 to the securities regulatory authority no later than 30 days after the end of a calendar quarter.
[am. B.C. Reg. 167/2017, s. 9.]
Requirements for Matching Service Utilities
Initial information reporting
6.1
A person or company must not carry on business as a matching service utility
unless
the person or company has delivered Form 24-101F3 to the securities regulatory
authority, and
at least 90 days have passed since the person or company delivered Form
24-101F3.
During the 90 day period referred to in subsection (1), if there is a
significant change to the information in the delivered Form 24-101F3, the person or
company must inform the securities regulatory authority in writing immediately of that
significant change by delivering an amendment to Form 24-101F3 in the manner set out in
Form 24-101F3.
[am. B.C. Reg. 167/2017, s. 10.]
Anticipated change to operations
6.2
At least 45 days before implementing a significant change to any item set out in
Form 24-101F3, a matching service utility must deliver an amendment to the information in
the manner set out in Form 24-101F3.
[am. B.C. Reg. 167/2017, s. 10.]
Ceasing to carry on business as a matching service
utility
6.3
If a matching service utility intends to cease carrying on business as a
matching service utility, it must deliver a report on Form 24-101F4 to the securities
regulatory authority at least 30 days before ceasing to carry on that
business.
If a matching service utility involuntarily ceases to carry on business as a
matching service utility, it must deliver a report on Form 24-101F4 as soon as
practical after it ceases to carry on that business.
[am. B.C. Reg. 167/2017, s. 10.]
Ongoing information reporting and record keeping
6.4
A matching service utility must deliver Form 24-101F5 to the securities
regulatory authority no later than 30 days after the end of a calendar
quarter.
A matching service utility must keep such books, records and other documents as
are reasonably necessary to properly record its business.
[am. B.C. Reg. 167/2017, s. 10.]
System requirements
6.5
For all of its core systems supporting trade matching, a matching service utility
must
consistent with prudent business practice, on a reasonably frequent basis, and,
in any event, at least annually,
make reasonable current and future capacity estimates,
conduct capacity stress tests of those systems to determine the ability of the
systems to process transactions in an accurate, timely and efficient
manner,
iii
implement reasonable procedures to review and keep current the testing
methodology of those systems,
review the adequacy of cyber resilience and the vulnerability of those systems and data centre computer operations to internal and external threats, including breaches of security, physical hazards and natural disasters, and
maintain adequate contingency and business continuity plans;
annually cause to be performed an independent review and written report, in
accordance with generally accepted auditing standards, of the stated internal control
objectives of those systems; and
promptly notify the securities regulatory authority of a material failure of
those systems.
[am. B.C. Regs. 167/2017, s. 10; 109/2024, s. 6.]
Trade Settlement
Trade settlement by registered dealer
7.1
A registered dealer must not execute a trade unless the dealer has established, maintains and enforces policies and procedures designed to facilitate settlement of the trade on a date that is no later than the standard settlement date for the type of security traded prescribed by an SRO or the marketplace on which the trade would be executed.
Subsection (1) does not apply to a trade for which terms of settlement
have been expressly agreed to by the counterparties to the trade at or before the trade
was executed.
[am. B.C. Reg. 167/2017, s. 10.]
Requirements of Self-regulatory Organizations and Others
Rule requirements for clearing agencies or matching service utilities
8.1
A clearing agency or matching service utility must have rules or other
instruments or procedures that are consistent with the requirements of Parts 3 and 7.
[am. B.C. Reg. 167/2017, s. 10.]
Application to members of a self-regulatory organization
8.2
A requirement of this Instrument does not apply to a member of an SRO if the
member complies with a rule or other instrument of the SRO that deals with the same
subject matter as the requirement and that has been approved, non-disapproved, or
non-objected to by the securities regulatory authority and published by the
SRO.
Exemption
Exemption
9.1
The regulator or the securities regulatory authority may grant an exemption from
this Instrument, in whole or in part, subject to such conditions or restrictions as may
be imposed in the exemption.
Despite subsection (1), in Ontario, only the regulator may grant such an
exemption.
Except in Ontario, an exemption referred to in subsection (1) is granted under
the statute referred to in Appendix B of National Instrument 14-101
Definitions opposite
the name of the local jurisdiction.
Effective Dates and Transition
Effective dates
10.1
Except as provided in subsections (2) and (3), this Instrument comes into
force on April 1, 2007.
The following come into force on October 1, 2007:
section 3.2;
section 3.4;
Part
Part
Despite paragraph (2) (d),
Part 6 comes into force in Ontario on the later
October 1, 2007, and
the day on which Rule 24-501 Designation as Market Participant
comes into force.
Transition
10.2
A reference to "the end of T" in subsections 3.1 (1) and 3.3
(1) shall each be read as a reference to "12:00 p.m. (noon) on T+1" for trades executed
before July 1, 2008.
A reference to "the end of T+1" in subsections 3.1 (2) and 3.3
(2) shall each be read as a reference to "12:00 p.m. (noon) on T+2" for trades executed
before July 1, 2008.
A reference to "95 percent" in sections 4.1 (
a) and (
b) shall each be read as a
reference to:
"80 percent", for trades executed after September 30, 2007, but before January
1, 2008;
"90 percent", for trades executed after December 31, 2007, but before July 1,
2008;
"70 percent", for trades executed after June 30, 2008, but before January 1,
2009;
"80 percent", for trades executed after December 31, 2008, but before July 1,
2009; and
"90 percent", for trades executed after June 30, 2009, but before January 1,
A person or company need not comply with
section 6.1 if that person or
company
is already carrying on business as a matching service utility on the date that
Part 6
comes into force, and
delivers Form 24-101F3 to the securities regulatory authority within 45 days
after
Part
6 comes into force.
Form 24-101F1
Repealed. [B.C. Reg. 109/2024, s. 7.]
Form 24-101F2
[am. B.C. Regs. 167/2017, ss. 14 and 15; 109/2024, s. 8.]
Clearing Agency
Quarterly Operations Report of Institutional Trade Reporting and
Matching
CALENDAR QUARTER PERIOD COVERED:
From: ...................................... to:
......................................
IDENTIFICATION AND CONTACT INFORMATION:
1. Full name of clearing agency:
2. Name(
s) under which business is conducted, if different from item
3. Address of clearing agency's principal place of business:
4. Mailing address, if different from business address:
5. Contact employee name:
Telephone number:
Email address:
INSTRUCTIONS:
Deliver this form together with all exhibits pursuant to
section 5.1 of the Instrument, covering the calendar quarter indicated above, within 30 days of the end of the calendar quarter.
Include client trades in an exchange-traded fund (ETF) security in the equity trades statistics.
Exhibits must be provided in an electronic file, in the following file format: "CSV" (Comma Separated Variable).
EXHIBITS:
1. DATA REPORTING
Exhibit A – Aggregate matched trade statistics
For client trades, provide the information to complete Tables 1 and 2 below
for each month in the quarter. These two tables can be integrated into one report. Provide
separate aggregate information for trades that have been reported or entered into your
facilities as matched trades by a matching service utility.
Month/Year: ................................. (MM/YYYY)
Table 1 — Equity trades:
Entered into matching service utility by dealer-users/subscribers
Matched in matching service utility by other users/subscribers
# of Trades
% Industry
$ Value of Trades
% Industry
# of Trades
% Industry
$ Value of Trades
% Industry
T – 12:00 p.m.
T – 4:00 p.m.
T – 7:30 p.m.
T + 1 – 3:59 a.m.
T + 1 – 12:00 p.m.
T + 1 – 4:00 p.m.
T + 1 – 11:59 p.m.
> T + 1
Total
Table 2 — Debt trades:
Entered into matching service utility by dealer-users/subscribers
Matched in matching service utility by other users/subscribers
# of Trades
% Industry
$ Value of Trades
% Industry
# of Trades
% Industry
$ Value of Trades
% Industry
T – 12:00 p.m.
T – 4:00 p.m.
T – 7:30 p.m.
T + 1 – 3:59 a.m.
T + 1 – 12:00 p.m.
T + 1 – 4:00 p.m.
T + 1 – 11:59 p.m.
> T + 1
Total
Legend
"# of Trades" is the total number of transactions in the month; "$ Value of Trades" is the total value of the transactions (purchases and sales) in the month.
Exhibit B — Individual matched trade statistics
Using the format below, for each participant of the clearing agency, provide
the percent of client trades during the quarter that have been entered and matched by the
participant within the time required in
Part 3 of the Instrument. The percentages given should
relate to both the number of client trades that have been matched within the time and the
aggregate value of the securities purchased and sold in the client trades that have been
matched within the time.
Percentage matched within timelines
Equity trades
Debt trades
Participant
By # of transactions
By Value
By # of transactions
By Value
CERTIFICATE OF CLEARING AGENCY
The undersigned certifies that the information given in this report on behalf
of the clearing agency is true and correct.
DATED at .................................................... this
............. day of .................................., 20......
............................................................................................................................................................ (Name
of clearing agency — type or print)
............................................................................................................................................................ (Name
of director, officer or partner — type or print)
............................................................................................................................................................ (Signature
of director, officer or partner)
............................................................................................................................................................ (Official
capacity — type or print)
Form 24-101F3
[am. B.C. Regs. 167/2017, s. 16; 109/2024, s. 9.]
Matching Service Utility Notice of Operations
DATE OF COMMENCEMENT INFORMATION:
Effective date of commencement of operations:
..................................... (DD/MM/YYYY)
TYPE OF INFORMATION: [ ] INITIAL SUBMISSION [
] AMENDMENT
MATCHING SERVICE UTILITY IDENTIFICATION AND CONTACT INFORMATION:
1. Full name of matching service utility:
2. Name(
s) under which business is conducted, if different from item
3. Address of matching service utility's principal place of
business:
4. Mailing address, if different from business address:
5. Contact employee name:
Telephone number:
Email address:
6. Legal counsel:
Firm name:
Telephone number:
Email address:
GENERAL INFORMATION:
7. Website address:
8. Date of financial year-end:
................................................. (DD/MM/YYYY)
9. Indicate the form of your legal status (e.g., corporation, limited or
general partnership), the date of formation, and the jurisdiction under which you were
formed:
Legal status:
[ ]
CORPORATION
[ ]
PARTNERSHIP
[ ]
OTHER (SPECIFY):
(
a) Date of formation: .................................................
(DD/MM/YYYY)
(
b) Jurisdiction and manner of formation:
10. Specify the general types of securities for which information is being or
will be received and processed by you for transmission of matched trades to a clearing
agency (e.g. exchange-traded domestic equity and debt securities, exchange-traded foreign
equity and debt securities, equity and debt securities traded
over-the-counter).
INSTRUCTIONS:
Deliver this form together with all exhibits pursuant to
section 6.1 of the Instrument.
For each exhibit, include your name, the date of delivery of the exhibit and
the date as of which the information is accurate (if different from the date of the
delivery). If any exhibit required is not applicable, a full statement describing why the
exhibit is not applicable must be furnished in lieu of the exhibit. To the extent
information requested for an exhibit is identical to the information requested in another
form that you have filed or delivered under National Instrument 21-101 Marketplace
Operation , simply attach a copy of that other form and indicate in this form
where such information can be found in that other form.
If you are delivering an amendment to Form 24-101F3 pursuant to
section 6.1
(2) or 6.2 of the Instrument, and the amended information relates to an exhibit that was
delivered with such form, provide a description of the change and complete and deliver an
updated exhibit.
EXHIBITS:
1. CORPORATE GOVERNANCE
Exhibit A — Constating documents
Provide a copy of your constating documents, including corporate bylaws and
other similar documents, as amended from time to time.
Exhibit B — Ownership
List any person or company that owns 10 percent or more of your voting
securities or that, either directly or indirectly, through agreement or otherwise, may
control your management. Provide the full name and address of each person or company and
attach a copy of the agreement or, if there is no written agreement, briefly describe the
agreement or basis through which the person or company exercises or may exercise control
or direction.
Exhibit C — Officials
Provide a list of the partners, officers, directors or persons performing
similar functions who presently hold or have held their offices or positions during the
current and previous calendar year, indicating the following for each:
1. Name.
2. Title.
3. Dates of commencement and expiry of present term of office or position and
length of time the office or position held.
4. Type of business in which each is primarily engaged and current
employer.
5. Type of business in which each was primarily engaged in the preceding five
years, if different from that set out in item 4.
6. Whether the person is considered to be an independent
director.
Exhibit D — Organizational structure
Provide a narrative or graphic description of your organizational
structure.
Exhibit E — Affiliated entities
For each person or company affiliated to you, provide the following
information:
1. Name and address of affiliated entity.
2. Form of organization (e.g., association, corporation,
partnership).
3. Name of jurisdiction and statute under which organized.
4. Date of incorporation in present form.
5. Brief description of nature and extent of affiliation or contractual or
other agreement with you.
6. Brief description of business services or functions.
7. If a person or company has ceased to be affiliated with you during the
previous year or ceased to have a contractual or other agreement relating to your
operations during the previous year, provide a brief statement of the reasons for
termination of the relationship.
2. FINANCIAL VIABILITY
Exhibit F — Audited financial statements
Provide your audited financial statements for the latest financial year and a
report prepared by an independent auditor.
3. FEES
Exhibit G — Fee list, fee structure
Provide a complete list of all fees and other charges imposed, or to be
imposed, by you for use of your services as a matching service utility, including the cost
of establishing a connection to your systems.
4. ACCESS
Exhibit H — Users
Provide a list of all users or subscribers for which you provide or propose to
provide the services of a matching service utility. Identify the type(
s) of business of
each user or subscriber (e.g., custodian, dealer, adviser or other party). If
applicable, for each instance during the past year in which any user or subscriber of your
services has been prohibited or limited in respect of access to such services, indicate
the name of each such user or subscriber and the reason for the prohibition or
limitation.
Exhibit I — User contract
Provide a copy of each form of agreement governing the terms by which users or
subscribers may subscribe to your services of a matching service utility.
5. SYSTEMS AND OPERATIONS
Exhibit J — System description
Describe the manner of operation of your systems for performing your services
of a matching service utility (including, without limitation, systems that collect and
process trade execution details and settlement instructions for matching of trades). This
description should include the following:
1. The hours of operation of the systems, including communication with a
clearing agency.
2. Locations of operations and systems (e.g., countries and cities where
computers are operated, primary and backup).
3. A brief description in narrative form of each service or function performed
by you.
6. SYSTEMS COMPLIANCE
Exhibit K — Security
Provide a brief description of the processes and procedures implemented by you
to provide for the security of any system used to perform your services of a matching
service utility.
Exhibit L — Capacity planning and measurement
1. Provide a brief description of capacity planning/performance measurement
techniques and system and stress testing methodologies.
2. Provide a brief description of testing methodologies with users or
subscribers. For example, when are user/subscriber tests employed? How extensive are these
tests?
Exhibit M — Business continuity
Provide a brief description of your contingency and business continuity plans
in the event of a catastrophe.
Exhibit N — Material systems failures
Provide a brief description of policies and procedures in place for reporting
to regulators material systems failures. Material systems failures include serious
incidents that result in the interruption of the matching of trades for more than thirty
minutes.
Exhibit O — Independent systems audit
1. Briefly describe your plans to provide an annual independent audit of your
systems.
2. If applicable, provide a copy of the last external systems operations audit
report.
7. INTEROPERABILITY
Exhibit P — Interoperability agreements
List all other matching service utilities for which you have entered into an
interoperability agreement. Provide a copy of all such agreements.
8. OUTSOURCING
Exhibit Q — Outsourcing firms
For each person or company (outsourcing firm) with whom or which you have an
outsourcing agreement or arrangement relating to your services of a matching service
utility, provide the following information:
1. Name and address of the outsourcing firm.
2. Brief description of business services or functions of the outsourcing
firm.
3. Brief description of the outsourcing firm's contingency and business
continuity plans in the event of a catastrophe.
CERTIFICATE OF MATCHING SERVICE UTILITY
The undersigned certifies that the information given in this report on behalf
of the matching service utility is true and correct.
DATED at .................................................... this
............. day of .................................., 20......
............................................................................................................................................................ (Name
of matching service utility – type or print)
............................................................................................................................................................ (Name
of director, officer or partner – type or print)
................................................................................................................................................................................. (Signature
of director, officer or partner)
............................................................................................................................................................ (Official
capacity – type or print)
Form 24-101F4
[am. B.C. Regs. 167/2017, s. 17; 109/2024, s. 10.]
Matching Service Utility Notice of Cessation of Operations
DATE OF CESSATION INFORMATION:
Type of information:
[ ]
VOLUNTARY CESSATION
[ ]
INVOLUNTARY CESSATION
Effective date of operations cessation:
........................................ (DD/MM/YYYY)
MATCHING SERVICE UTILITY IDENTIFICATION AND CONTACT INFORMATION:
1. Full name of matching service utility:
2. Name(
s) under which business is conducted, if different from item
3. Address of matching service utility's principal place of
business:
4. Mailing address, if different from business address:
5. Legal counsel:
Firm name:
Telephone number:
Email address:
INSTRUCTIONS:
Deliver this form together with all exhibits pursuant to
section 6.3 of
the Instrument.
For each exhibit, include your name, the date of delivery of the exhibit and
the date as of which the information is accurate (if different from the date of the
delivery). If any exhibit required is not applicable, a full statement describing why the
exhibit is not applicable must be furnished in lieu of the exhibit.
EXHIBITS:
Exhibit A
Provide the reasons for your cessation of business.
Exhibit B
Provide a list of all the users or subscribers for which you provided services
during the last 30 days prior to you ceasing business. Identify the type(
s) of business of
each user or subscriber (e.g., custodian, dealer, adviser, or other party).
Exhibit C
List all other matching service utilities for which an interoperability
agreement was in force immediately prior to cessation of business.
CERTIFICATE OF MATCHING SERVICE UTILITY
The undersigned certifies that the information given in this report on behalf
of the matching service utility is true and correct.
DATED at .................................................... this
............. day of .................................., 20......
............................................................................................................................................................ (Name
of matching service utility – type or print)
............................................................................................................................................................ (Name
of director, officer or partner – type or print)
............................................................................................................................................................ (Signature
of director, officer or partner)
............................................................................................................................................................ (Official
capacity – type or print)
Form 24-101F5
[am. B.C. Regs. 167/2017, ss. 18 and 19; 109/2024, s. 11.]
Matching Service Utility
Quarterly Operations Report of Institutional Trade Reporting and
Matching
CALENDAR QUARTER PERIOD COVERED:
From: ..................................... to:
.....................................
MATCHING SERVICE UTILITY IDENTIFICATION AND CONTACT INFORMATION:
1. Full name of matching service utility:
2. Name(
s) under which business is conducted, if different from item
3. Address of matching service utility's principal place of
business:
4. Mailing address, if different from business address:
5. Contact employee name:
Telephone number:
Email address:
INSTRUCTIONS:
Deliver this form together with all exhibits pursuant to
section 6.4 of
the Instrument, covering the calendar quarter indicated above, within 30 days of the end
of the calendar quarter.
Include DAP/RAP trades in an exchange-traded fund (ETF) security in the equity DAP/RAP trades statistics.
Exhibits must be reported in an electronic file, in the following format:
"CSV" (Comma Separated Variable) (e.g., the format produced by Microsoft
Excel).
If any information specified is not available, a full statement describing why
the information is not available must be separately furnished.
EXHIBITS
1. SYSTEMS REPORTING
Exhibit A — External systems audit
If an external audit report on your core systems was prepared during the
quarter, provide a copy of the report.
Exhibit B — Material systems failures reporting
Provide a brief
summary of all material systems failures that occurred during
the quarter and for which you were required to notify the securities regulatory authority
under
section 6.5
(
c) of the Instrument.
2. DATA REPORTING
Exhibit C — Aggregate matched trade statistics
Provide the information to complete Tables 1 and 2 below for each month in the
quarter. These two tables can be integrated into one report.
Month/Year: ................................... (MM/YYYY)
Table 1 — Equity trades:
Entered into matching service utility by dealer-users/subscribers
Matched in matching service utility by other users/subscribers
# of Trades
% Industry
$ Value of Trades
% Industry
# of Trades
% Industry
$ Value of Trades
% Industry
T – 12:00 p.m.
T – 4:00 p.m.
T – 7:30 p.m.
T + 1 – 3:59 a.m.
T + 1 – 12:00 p.m.
T + 1 – 4:00 p.m.
T + 1 – 11:59 p.m.
> T + 1
Total
Table 2 — Debt trades:
Entered into matching service utility by dealer-users/subscribers
Matched in matching service utility by other users/subscribers
# of Trades
% Industry
$ Value of Trades
% Industry
# of Trades
% Industry
$ Value of Trades
% Industry
T – 12:00 p.m.
T – 4:00 p.m.
T – 7:30 p.m.
T + 1 – 3:59 a.m.
T + 1 – 12:00 p.m.
T + 1 – 4:00 p.m.
T + 1 – 11:59 p.m.
> T + 1
Total
Legend
"# of Trades" is the total number of transactions in the month; "$ Value of Trades" is the total value of the transactions (purchases and sales) in the month.
Exhibit D — Individual matched trade statistics
Using the format below, provide the percent of trades during the quarter for
each user or subscriber that have been entered and matched within the time required in
Part 3 of
the Instrument. The percentages given should relate to both the number of trades that have
been matched within the time and the aggregate value of the securities purchased and sold
in the trades that have been matched within the time.
Percentage matched within timelines
Equity trades
Debt trades
User/Subscriber
By # of transactions
By value
By # of transactions
By value
CERTIFICATE OF MATCHING SERVICE UTILITY
The undersigned certifies that the information given in this report on behalf
of the matching service utility is true and correct.
DATED at .................................................... this
............. day of .................................., 20......
............................................................................................................................................................ (Name
of matching service utility — type or print)
............................................................................................................................................................ (Name
of director, officer or partner — type or print)
............................................................................................................................................................ (Signature
of director, officer or partner)
............................................................................................................................................................ (Official
capacity — type or print)
[Provisions relevant to the enactment of this regulation: Securities Act , R.S.B.C. 1996, c. 418, s. 184.]