Timelines and Implementation Milestones


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 – 27 months, or July 26, 2021
  • Phase 3 – 27 months, or July 26, 2021

Implementation Milestones for Listed Securities


Expected Completion Date

IIROC to publish FIX specifications    April 2020

IIROC to publish Encryption API in Java and C++

August 31, 2020

IIROC Marketplace Certification Window Start Date

September 2020

Dealer Members to return completed Encryption Key Enrollment Forms to IIROC   

(Once the Dealer Member returns the completed Enrollment Form to IIROC, IIROC will provide a testing encryption key to the Dealer Member.)

Mid‑September 2020
Industry Testing   

January 2021 to April 2021

IIROC to deliver production encryption key via secure email with the link for Dealer Member to acknowledge the receipt of the encryption key

February 8, 2021

IIROC and Marketplaces to begin accepting orders from Dealer Members and vendors that include information required under the Client Identifiers Amendments 

April 5, 2021


JULY 26, 2021

MFDA and IIROC have consolidated

As of January 1, 2023 the MFDA and IIROC have come together as New Self-Regulatory Organization of Canada (New SRO).

New SRO has assumed the regulatory responsibilities of the MFDA and IIROC.

We have set up an interim website for updates and information related to the New SRO including:

  • Executive Management
  • Governance
  • New SRO Rules
  • Member Application
  • Investor Office and the Investor Advisory Panel
  • Information concerning mutual fund dealers registered in Québec
  • Complaints
  • Careers

Enforcement proceedings, membership lists, continuing education, investor education resources and any other information not set out above continue to reside on www.mfda.ca and www.iiroc.ca.