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INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC)

AMENDMENTS TO IIROC RULES TO HARMONIZE WITH CLIENT RELATIONSHIP MODEL PHASE 2 PROVISIONS EFFECTIVE JULY 15, 2015 AND JULY 15, 2016

NOTICE OF COMMISSION APPROVAL



The Recognizing Regulators of the Investment Industry Regulatory Organization of Canada (IIROC) have approved or not objected to amendments to IIROC Dealer Member Rule 200 and Form 1 (the IIROC 2015-16 CRM2 Amendments). The amendments and new policy will harmonize requirements for IIROC members with certain requirements in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations that were introduced as part of the Client Relationship Model, Phase 2 and which take effect on July 15, 2015 and July 15, 2016.

In addition, the British Columbia Securities Commission, the Alberta Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Manitoba Securities Commission, the Autorité des marchés financiers (Québec), the Financial and Consumer Services Commission of New Brunswick, the Nova Scotia Securities Commission, the Superintendent of Securities, Prince Edward Island and the Financial Services Regulation Division, Service NL, Government of Newfoundland and Labrador also approved or did not object to the IIROC 2015-16 CRM2 Amendments.

The IIROC 2015-16 CRM2 Amendments were first published as proposals for public comment on December 12, 2013 and revised proposals were published on September 18, 2014. IIROC’s summary of the public comments and responses to them, along with the text of the IIROC 2015-16 CRM2 Amendments, are available on IIROC’s website and on the OSC’s website at http://www.osc.gov.on.ca.

January 22, 2015