IIROC Nomination to the Board of the Canadian Depository for Securities Limited

21-0216
Type: Administrative Notice> General
Distribute internally to:
Legal and Compliance
Senior Management

Contact:

Mark Stechishin
Associate General Counsel
Telephone:
Email:

Summary

The Investment Industry Regulatory Organization of Canada (“IIROC”) is entitled to nominate one individual for appointment to the Board of Directors of the Canadian Depository for Securities Limited (“CDS”).

The purpose of this Notice is to solicit expressions of interest from representatives of Dealer Members to serve on the CDS Board and to provide a general description of the skills and experience sought of prospective candidates for this Board.

The individual will be appointed by the IIROC Board as the IIROC nominee for a term of up to three years, subject to re-appointment, provided that the term is, in aggregate, not to exceed six years.

CDS

CDS provides a central depository and trade clearing and settlement services for depository-eligible securities. More information on CDS and its Board structure is available at CDS website.

Applicant Qualifications

IIROC is seeking applications from individuals that have significant expertise in issues related to clearing and settlement and are financially literate within the meaning of section 1.6 of National Instrument 52-110.1 In particular, we are seeking applicants that represent Dealer Members that:

  • are Participants, as defined in the CDS Participant Rules;
  • are not affiliated (as defined in Section 1.3 of National Instrument 52-110) with a bank; and
  • engage in significant dealer activity in trading, clearing and settling securities listed on a venture exchange in Canada.

The IIROC Board of Directors will select the individual who is ultimately nominated.

Application Process

Dealer Member representatives interested in serving on the CDS Board should apply in writing. Please include current biographical information and a description of your qualifications.

The nomination will be considered by the IIROC Board in January 2022. Applications must be submitted by December 31, 2021 to:

Mark Stechishin
Associate General Counsel 
Investment Industry Regulatory Organization of Canada
Suite 2000, 121 King Street West
Toronto, Ontario M5H 3T9

e-mail: [email protected]

  • 1. Section 1.6 of National Instrument 52-110 provides that “an individual is financially literate if he or she has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the issuer’s financial statements.”