Financial Institution Bond in-transit insurance 

GN-4400-21-002
Type: Rules Notice> Guidance Note
Rule connection:
IIROC Rules
Distribute internally to:
Institutional
Legal and Compliance
Senior Management
Trading Desk
Retail

Contact:

Member Regulation Policy
Email:

Effective Date: December 31, 2021 

  1. Financial Institution Bond coverage

Dealer Members (Dealers) are reminded that the standard wording of the Financial Institution Bond (FIB) excludes coverage of negotiable securities transported through couriers unless armored motor vehicles are used in the transportation.  This exclusion of coverage does not apply to negotiable securities that are transmitted through Dealers’ messengers.

Dealers are therefore advised that when arranging transportation of negotiable securities through a courier, the courier should be advised to use armored vehicle in order to avoid potential losses.

  1. Applicable Rules

IIROC Rules this Guidance Note relates to:

  • Schedule 10 of Form 1, and
  • section 4456.
  1. Previous Guidance Note

This Guidance Note replaces MR0334 - FIB In-Transit Insurance.

  1. Related Documents

This Guidance Note was published under Notice 21-0190 - IIROC Rules, Form 1 and Guidance.

MFDA and IIROC have consolidated

As of January 1, 2023 the MFDA and IIROC have come together as New Self-Regulatory Organization of Canada (New SRO).

New SRO has assumed the regulatory responsibilities of the MFDA and IIROC.

We have set up an interim website for updates and information related to the New SRO including:

  • Executive Management
  • Governance
  • New SRO Rules
  • Member Application
  • Investor Office and the Investor Advisory Panel
  • Information concerning mutual fund dealers registered in Québec
  • Complaints
  • Careers

Enforcement proceedings, membership lists, continuing education, investor education resources and any other information not set out above continue to reside on www.mfda.ca and www.iiroc.ca.