Updated Guidance – Borrowing for Investment Purposes

Type: Rules Notice> Approval/Implementation
Rule connection:
Distribute internally to:
Legal and Compliance
Senior Management
Trading Desk


Business Conduct Compliance
Member Regulation Policy

IIROC is publishing an updated version of GN-3200-21-001 – Borrowing for Investment Purposes – Suitability and Supervision.

This Guidance Note was originally published on October 14, 2021 with several sections shaded in grey. These sections overlapped with content in GN-3400-21-004 – Know-your-client and suitability determination for retail clients, which had only been published for comment as of October 14, 2021. We have updated the sections shaded in grey now that GN-3400-21-004 has been finalized and published. We also made additional amendments to improve the clarity of the Guidance Note.

The Guidance Note will be effective immediately.


Appendix A – GN-3200-22-001 - Guidance on Borrowing for Investment Purposes

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.