Covid-19 Related Exemptive Relief Applications Received and Exemptions Granted to September 302021

21-0185
Type: Rules Notice> Exemption
Rule connection:
Legacy DMR Rules
Distribute internally to:
Institutional
Legal and Compliance
Operations
Registration
Retail
Senior Management

Contact:

Mark Stechishin
Associate General Counsel
Telephone:
Email:

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 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.1

Staff’s authority to provide new relief regarding Covid-19 related applications expired effective September 30, 2021. 

Applications received and exemptions issued

From March 31, 2020 to September 30, 2021, IIROC 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:

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.

The Board has authorized staff to provide extensions of existing exemptive relief until March 31, 2022, provided that the Dealer Member can demonstrate that continued relief is warranted in the particular circumstances.

  • 1. The terms of the Board’s approval and the areas for which relief were available can be found in IIROC Notice 20-0063; IIROC Notice 20-0115; IIROC Notice 20-0213; and IIROC Notice 21-0069