New issue loan master agreement

This agreement is between a lender and a Dealer Member for a loan facility that is based on an underwriting. The loan facility is in the form of a new issue letter and the lender agrees to provide an irrevocable commitment to advance funds based only on the strength of the new issue and the Dealer Member. This agreement does not allow set off. IIROC Rule 5500, Margin requirements for underwriting commitments and when issued trading, sets margin and capital requirements for a Dealer Member that is involved in an underwriting commitment and these requirements are lower when there is a new issue letter for the underwriting commitment.

New issue loan master agreement - Attachment (pdf)

Welcome to!

We have a new look! You can find the Canadian Investment Regulatory Organization (CIRO) at with our fresh look and feel.

You can now find new publications published by CIRO since January 1, 2023 on If you are looking for past notices or bulletins published by MFDA or IIROC, you can find those on our legacy websites. Enforcement related content will continue on those websites as well.

You can now find previous Annual Reports and Enforcement Reports on, along with Halts and Resumption, and our ePublications sign up (for all previous MFDA and IIROC subscriber lists).

We will continue moving items off MFDA and IIROC in 2023/2024. Stay tuned for future updates.