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.
As staff continue to receive applications, the Board has approved an extension of staff’s authority to provide relief until September 30, 2021. The Board has also authorized staff to extend existing exemptions until September 30, 2021.
The terms of the Board’s approval, and the areas for which relief are available, are as described in the following 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 20-0213, Extension of Covid-19 Related Exemptive Relief Process and Applications Received and Exemptions Granted to September 30, 2020
- IIROC Notice 21-0069, Covid-19 Related Exemptive Relief Applications Received and Exemptions Granted to March 31, 2021
Applications received and exemptions issued
Since announcing the availability of the exemptive relief, as of July 31, 2021, IIROC has received 233 applications from 75 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 July 31, 2021):
Wet signatures – 18 applications received; 16 exemptions issued
Auditor procedures – 20 applications received; 17 exemptions issued
Supervision – registrant accounts – 26 applications received; 22 exemptions issued
Supervision – trade reviews – 6 applications received; 3 exemptions issued
Waiver of late filing fees – 98 application received; 96 exemptions issued
Margin related relief – 2 applications received; 2 exemptions issued
Client verification requirements – 11 applications received; 9 exemptions granted
Registration and proficiency – most applications received are being or have been processed in the ordinary manner by the applicable District Council.