Under securities regulations, in order to carry on business in Canada, investment dealers are generally required to become Dealer Members of IIROC. An investment dealer is eligible for membership in IIROC if:
- it is formed under Canadian federal, provincial or territorial law. A firm outside Canada would need to create a Canadian entity that would apply for IIROC membership. The Canadian applicant would have to satisfy all requirements for membership;
- it proposes to carry on business in Canada as a dealer;
- it is registered or licensed in each jurisdiction in Canada where the nature of the business requires registration or licensing; and
- it will comply with the IIROC Rules, as will its holding and related companies and directors, partners, officers and employees.
There are no classes of Membership. All Dealer Members are required to meet and maintain the same standards of Membership.
In order to qualify for Membership, an applicant must satisfy IIROC’s financial and operations compliance, business conduct compliance, trading conduct compliance and registration requirements, as set out in the IIROC Rules.
How to apply
Before a membership application is submitted for final approval, it undergoes an extensive review by IIROC’s financial and operations compliance, business conduct compliance, trading conduct compliance and registration staff. This includes a review and analysis of the information and documents submitted, discussions with the applicant’s management and technical personnel and an on-site visit to examine premises and systems. Materials that must be included in the application, including application fees, are set out in the Summary of Requirements (pdf).
When staff is satisfied that the application meets membership requirements, the application is submitted to the District Council in the province where the applicant’s head office is situated. When District Council considers the application and makes a favourable recommendation, the application is submitted to the Board of Directors for approval. The applicant will be admitted to membership when administrative matters, such as the payment of any remaining fees, have been finalized.
Factors that can impact or delay the review and processing of a membership application are:
- failure to answer all questions;
- failure to submit all required information and documents; and
- failure to respond to identified deficiencies in a timely manner.
Prior to submitting application materials, prospective applicants should contact IIROC’s Membership Coordinator ([email protected]) to schedule a meeting with IIROC staff to review the prospective applicants’ business model and the associated IIROC application requirements. This meeting will prevent unnecessary delays arising from incorrect or incomplete application materials.
Additional Guidance on the application process is also available in our Application Guidance section.
Corporate or Partnership entities must apply for membership using the standard Application Form (pdf).
Other applicable forms can be found in our Forms section.