NOTICE OF COMMISSION APPROVAL
INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA
AMENDMENTS RESPECTING CLIENT IDENTIFIERS
The Ontario Securities Commission has approved IIROC’s proposed amendments to the Universal Market Integrity Rules (UMIR) and the Dealer Member Rules (DMR) respecting client identifiers (the “Amendments”).
IIROC originally published proposed client identifier requirements for consultation in May 2017. In light of the comments received and further industry consultation, the Amendments were published for comment on June 28, 2018. IIROC has made non-substantive changes to the rules as published in 2018 in response to comments received. A summary of the public comments and IIROC's responses, as well as the IIROC Notice including the Amendments, can be found at http://www.osc.gov.on.ca.
There will be a three-phased implementation period for the Amendments. The Amendments come into force on the following days after the publication of the Notice of Approval:
Phase 1 – 6 months, or October 18, 2019
Phase 2 – 18 months, or October 19, 2020
Phase 3 – 24 months, or April 19, 2021
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 (New Brunswick), Legal Registries Division, Department of Justice (Northwest Territories), Legal Registries Division, Department of Justice (Nunavut), the Manitoba Securities Commission, the Nova Scotia Securities Commission, the Office of the Superintendent of Securities, Service Newfoundland and Labrador, the Office of the Yukon Superintendent of Securities, and the Prince Edward Island Office of the Superintendent of Securities have approved or not objected to the Amendments.