INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC)
AMENDMENTS TO DEALER MEMBER RULE 1200 AND TO FORM 1 RELATING TO THE CLIENT FREE CREDIT CASH USAGE LIMIT AND CLIENT FREE CREDIT SEGREGATION REQUIREMENTS
NOTICE OF COMMISSION APPROVAL
The Ontario Securities Commission has approved IIROC’s proposed amendments to Dealer Member Rule 1200 and to Form 1 relating to the client free credit cash usage limit and client free credit segregation requirements. The amendments strengthen the prudential framework for IIROC Dealer Members for ensuring the safeguarding of, and timely access to, client assets.
The amendments were republished for public comment on April 28, 2016. An original proposal was published for public comment on December 18, 2014. In response to public and Canadian Securities Administrators (“CSA”) comments received, IIROC made material revisions to the original proposal. No comment letters were received for the republished proposed amendments. IIROC has made non-substantive changes to the proposed amendments, as set out in Notice 16-0090, to ensure consistency.
The amendments will be effective on March 30, 2017. A copy of the IIROC Notice including the amendments can be found at http://www.osc.gov.on.ca.
In addition, the Alberta Securities Commission, the Autorité des marchés financiers, the British Columbia Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission, the Nova Scotia Securities Commission, the Office of the Superintendent of Securities, Service Newfoundland and Labrador, and the Prince Edward Island Office of the Superintendent of Securities Office have approved or not objected to the amendments.