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Market Regulation Policy
The committee reviews and makes recommendations to IIROC staff about proposed IIROC initiatives relating to fixed income. IIROC may also seek the committee’s advice on issues referred to IIROC by:
- the Bank of Canada and the federal Department of Finance about the fixed income market (including rules and procedures governing Primary Dealers and Government Securities Distributors).
- the Bourse de Montréal about its fixed income derivatives market.
At the request of the President and CEO, the committee may review and make recommendations to the President and CEO or the Board on:
- a position taken by IIROC in response to a request for comments issued by a securities regulatory authority or self-regulatory organization that would impact trading of fixed income securities
- any other matter that, in the opinion of the President and CEO or the Board, the review or comment of the committee would be desirable.
Membership is limited to 15 members including:
- IIROC Dealer Members that are designated as Primary Dealers of Government of Canada Bonds by the Bank of Canada (GSD)
- IIROC Dealer Members other than GSDs who operate a fixed-income trading business
- Legal/Compliance representatives (maximum of 3) from Dealer Members who have experience or expertise in fixed-income trading compliance matters (including: legal professionals experienced in advising dealers on regulatory compliance, professional advisers in fixed-income securities regulatory compliance, IIROC Dealer Member employees with senior compliance responsibilities or former employees of securities regulatory authorities or self-regulatory organizations)
- a representative from each marketplace that trades fixed income securities and has retained IIROC to be its regulation services provider. Where more than one marketplace operates within an affiliated group, the affiliated group may nominate 1 member
- at least one independent person (i.e. not a director, officer or employee of an IIROC Dealer Member or marketplace) who has experience or expertise that, in the opinion of the Senior Vice-President, Market Regulation or his/her designate, would benefit the committee.
- President and CEO (or another officer of IIROC designated by the President and CEO); and
- Chair of the Board (or another member of the Board designated by the Chair of the Board)
2 year term with no limit on the number of terms
- Marketplace Representatives - Each marketplace that trades fixed income securities and has retained IIROC to be its regulation services provider may nominate 1 member. Where more than one marketplace operates within an affiliated group, the affiliated group may nominate 1 member
- Each Dealer Member may nominate one Dealer Member representative to serve on the committee
- All other representatives - Nominated by the Senior Vice-President, Market Regulation Policy or their designate
The Vice-President, Market Regulation Policy will review all nominees and recommend appointments. The Senior Vice-President, Market Regulation will approve the appointments to the committee.
Chair and Vice-Chair
The Chair and Vice Chair shall hold office for a two-year term. The selection is made by the committee.
The committee will meet quarterly at the request of the Vice-President, Market Regulation Policy. Special meetings may be called at the request of the committee Chair, the Senior Vice-President, Market Regulation or the President and CEO.