Investment Industry Regulatory Organization of Canada to Act as Information Processor for Corporate Debt Securities

Toronto – Today the Canadian Securities Administrators (CSA) published CSA Staff Notice 21-318 Information Processor for Corporate Debt Securities (CSA Staff Notice 21-318), which advises that the Investment Industry Regulatory Organization of Canada (IIROC) will act as an information processor for corporate debt securities, effective July 4, 2016.

As an information processor, IIROC will collect and make publicly available transaction information for corporate debt securities in accordance with the requirements set out in National Instrument 21-101 Marketplace Operation. Beginning July 6, 2016, the public will be able to access and search online data relating to corporate debt securities two days after a trade occurs (T+2) from IIROC’s website, free of charge.

The corporate debt data displayed will include the issuer name and the price, coupon rate, yield and volume, subject to volume caps and as described in detail in Appendix A of CSA Staff Notice 21-318.

CSA staff plan to review the trading activity for corporate debt securities over time to determine whether the initial dissemination delay of T+2 and the volume caps need to be changed.

“Increasing post-trade corporate debt transparency is a key element of CSA staff’s initiative to enhance fixed income regulation,” says Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers. This initiative, described in detail in a number of notices that were published in the past year, aims to facilitate more informed decision making by market participants, improve market integrity and evaluate whether access to the fixed income market is fair and equitable for all investors.

CSA Staff Notice 21-318 can be found on CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.