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Executive Summary
On November 24, 2021, IIROC’s Board of Directors approved housekeeping amendments (Amendments) to subparagraph (a)(iv)(1)(D) of subsection 6.2(1) – Designations and Identifiers of the Universal Market Integrity Rules (UMIR) that updates a reference to the IIROC Rules.
Specifically, the Amendments replace a rule reference to the Dealer Member Rules with the corresponding provision of the IIROC Rules1 as follows:
- “Dealer Member Rule 2700” with “Part D of IIROC Rule 3900 – Supervision of institutional client accounts” in subparagraph (a)(iv)(1)(D) of subsection 6.2(1).
The Amendments will become effective on December 31, 2021.
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Discussion of the Amendments
Analysis
The Canadian Securities Administrators approved the housekeeping amendments to the IIROC Rules on October 8, 2021.2 As a result, we need to make housekeeping changes to UMIR to replace outdated rule references to the previous Dealer Member Rules with the current provisions in the IIROC Rules.
Classification of the Amendments
We have classified the Amendments as “housekeeping” because they:
- do not represent a material change to IIROC rules
- have no material impact on investors, issuers, Participants or the capital markets in Canada as they:
- correct inaccurate cross-referencing
- make necessary changes of an editoral nature.
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Impacts of the Amendments
We do not expect the Amendments to impact any stakeholders.
Technological implications
We do not expect the Amendments to impact a Participant’s systems or the systems of its service provicers.
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Policy Development Process
Regulatory purpose
The Amendments maintain rules that are necessary or appropriate to govern and regulate all aspects of IIROC’s functions and responsibilities as a self-regulatory entity.
In deciding on the Amendments, IIROC identified a need to ensure UMIR is accurate by correcting cross-referencing.
The Amendments are housekeeping in nature and not detrimental to the best interests of the capital markets. As a result, the Board has classified the Amendments as a “Housekeeping Rule” that is not contrary to the public interest.
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Attachments
Attachment A – Text of Amendments to UMIR
Attachment B – Blacklined text of UMIR to reflect the Amendments