Section 4711 of the IIROC Rules requires every Dealer Member to establish and maintain a business continuity plan identifying the necessary procedures to be undertaken during an emergency or significant business disruption. Every Dealer Member must also conduct an annual review and test of its plan, and provide an annual CEO certification to IIROC addressing their plan and compliance with IIROC rules.
The objective is to ensure that our Dealer Members have made adequate preparations to deal with emergency or significant business interruption scenarios and are able to resume service within an acceptable period of time in order to facilitate prompt client access to their assets and to conduct trades.
IIROC also coordinates a biennial industry business continuity test in accordance with section 12.4.1 of National Instrument 21-101 Marketplace Operation (NI 21-101) which states: “A marketplace, recognized clearing agency, information processor, and participant dealer must participate in all industry-wide business continuity tests, as determined by a regulation services provider, regulator, or in Québec, the securities regulatory authority.”
This requirement and its implementation through IIROC’s biennial industry test reflect the fact that it is critically important for stakeholders to adequately test their plans to ensure the provision of key services and prompt client access to their assets.
For inquiries regarding the industry BCP test, contact Elsa Renzella.
For inquiries regarding general BCP matters and compliance with section 4711, contact your firm’s designated FinOps manager.