On March 26, 2020, the IIROC Board of Directors approved the offering of exemptive relief in a number of areas relating to hardships Dealer Members are experiencing in complying with related IIROC Dealer Member Rules (DMRs) as a result of the their preparation for, or in response to, the effects of the COVID-19 pandemic. To facilitate timely consideration of each exemption application, the Board has also approved the delegation of limited discretion to certain IIROC senior staff (Decision Makers) to assess and decide upon each firm exemption application.
The terms of the Board’s approval, and the areas for which relief are available, are described in the following IIROC Notices:
- IIROC Notice 20-0063, COVID-19 Related Exemptions from IIROC Rules
- IIROC Notice 20-0115, COVID-19 Related Exemptions from IIROC Rules – Applications Received and Exemptions Granted to May 31, 2020
- IIROC Notice 20-0150, Extension of Covid-19 Related Exemptive Relief Process and Applications Received and Exemptions Granted to June 30, 2020.
Applications received and exemptions issued
Since announcing the availability of the exemptive relief, as of August 31, 2020, IIROC has received 165 applications from 66 Dealer Members from all regions, representing a range of firm sizes and business models. The applications received and exemptions granted are summarized as follows (as at August 31, 2020):
Wet signatures – 17 applications received; 15 exemptions issued
Auditor procedures – 9 applications received; 6 exemptions issued
Supervision – registrant accounts – 23 applications received; 20 exemptions issued
Supervision – trade reviews – 6 applications received; 3 exemptions issued
Waiver of late filing fees – 59 application received; 58 exemptions issued
Margin related relief – 2 applications received; 2 exemptions issued
Client verification requirements – 8 applications received; 8 exemptions granted
Registration and proficiency – most applications received are being or have been processed in the ordinary manner by the applicable District Council.