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.
Welcome to CIRO.ca!
You can find the Canadian Investment Regulatory Organization (CIRO) at CIRO.ca with our fresh look and feel.
The following sections of the legacy mfda.ca and iiroc.ca sites have been migrated to ciro.ca:
- Enforcement
- Hearings
- Consultations
- A unified member directory (Dealers We Regulate)
- Advisor Report
We will continue moving items off MFDA and IIROC in 2024. Stay tuned for future updates.