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Guidance Notes

    Series 1000: Interpretation and Principles Rules
    Series 2000: Dealer Member Organization and Individual Approval Rules
    • GN-2100-22-001 - Guidance on Investment in a Dealer Member – Notification and Approval
    • GN-2200-20-001 - Shared Premises
    • GN-2200-21-001 - Reporting of material changes to business activities
    • GN-2200-21-002 - Trade Names
    • GN-2200-21-004 - Diversification – Distribution of Insurance Products
    • GN-2300-21-001 - Principal and Agent Relationships
    • GN-2300-21-003 - Outsourcing arrangements
    • GN-2400-21-001 - Consolidation of back-office operations of a Dealer Member and its affiliate
    • GN-2400-21-002 - Clearing arrangements
    • GN-2400-21-003 - Auditor’s segregation report
    • GN-2500-21-003 - Sale of Principal Protected Notes by Approved Persons of IIROC Dealer Members
    • GN-2500-21-004 - Part-Time Chief Financial Officer
    • GN-2500-21-008 - Guidelines for the 30-Day Training Program
    • GN-2500-21-009 - Pre-approval of Associate Portfolio Managers’ advice
    • GN-2500-22-001 - Disclosure and approval of outside activities
    • GN-2500-22-002 - Late Filing Fees
    • GN-2600-21-001 - Plain Language Rule Book Project - Registration Changes
    • GN-2600-21-002 - Proficiency Requirements for Individuals previously registered in Hong Kong
    • GN-2600-21-005 - Requirement to Complete the 30 or 90-day Training Program
    • GN-2600-21-006 - Guidelines for the 90-day Training Program
    • GN-2600-21-007 - IIROC Registration - Proficiency Exemption Requests
    • GN-2600-21-009 - Permissible Activities for those taking the 30 and 90-Day Training Programs
    • GN-2700-21-001 - Guidance on IIROC’s Continuing Education Program
    • GN-2800-21-001 - Procedure for Foreign Business Locations of IIROC Dealers
    • GN-2800-21-002 - Business Locations – Registration and Compliance approach to work-from-home arrangements
    • 14-0073 – Use of Business Titles and Financial Designations (will be updated as part of a separate project) 
    Series 3000: Business Conduct and Client Accounts Rules
    • GN-3100-21-001 - Client Relationship Model
    • GN-3100-21-002 - Mutual Fund Sales Incentives
    • GN-3100-21-003 - Guidance on Best Execution
    • GN-3100-21-004 - Guidance on fair pricing of over-the-counter securities
    • GN-3100-21-005 - Customer Accounts “in trust”
    • GN-3100-21-006 - Managing Conflicts of Interest arising from Soliciting Dealer Arrangements
    • GN-3100-21-007 - Recommendations and best practices for distribution of non-arm’s length investment products
    • GN-3200-21-002 - Guidance Respecting Order Execution Only Accounts as a Form of Third-Party Electronic Access to Marketplaces
    • GN-3200-21-006 - Use of Identifiers and Notification Requirements Respecting Certain Order Execution Only and Direct Electronic Access Clients and Advisers
    • GN-3200-21-007 - Anti-Money Laundering Compliance Guidance
    • GN-3200-22-001 - Guidance on Borrowing for Investment Purposes
    • GN-3300-21-001 - Product Due Diligence and Know-Your-Product
    • GN-3400-21-001 - Sales Practice Obligations Relating to Leveraged and Inverse Exchange-Traded Funds
    • GN-3400-21-002 - Minimum Standards for Institutional Account Opening, Operations and Supervision
    • GN-3400-21-003 - Guidance on order execution only account services and activities
    • GN-3400-21-004 - Know-your-client and suitability determination for retail clients
    • GN-3500-21-001 - Guidelines for Confidential Information Containment
    • GN-3500-21-002 - Guidance on Client Priority for Private Placements
    • GN-3500-21-003 - Pre-Marketing of Distributions
    • GN-3500-21-004 - Risk Disclosure Statement for Futures and Options
    • GN-3500-21-005 - Guidance respecting underwriter due diligence
    • GN-3600-20-001 - Research Report Disclosures and Best Practices
    • GN-3600-21-002 - Review of Advertisements, Sales Literature and Correspondence
    • GN-3700-21-001- Releases Entered Into Between Dealer Members & Clients and Confidentiality Restrictions
    • GN-3700-21-002 - Electronic client complaint record retention
    • GN-3700-21-003 - Complying with requirements regarding the Ombudsman for Banking Services and Investments (OBSI)
    • GN-3700-21-004 - Recognition of contingent loss arising from litigation
    • GN-3700-22-001 - Compliance with IIROC’s Cybersecurity Incident Reporting Requirements
    • GN-3800-20-001 - Content of Books and Records
    • GN-3800-21-001 - Pledge of Member’s client securities
    • GN-3800-21-002 - Processing of segregated fund contracts
    • GN-3800-21-003 - Guidance on Marketplace and Average Price Disclosure for Trade Confirmations
    • GN-3800-21-004 - Consolidated statements
    • GN-3800-21-006 - Off-book transactions
    • GN-3800-21-007 - Trade matching and trade confirmation suppression practices
    • GN-3800-21-008 - Service arrangements between Dealer Members and Portfolio Managers
    • GN-3800-21-009 - Average price accounts – margin requirements
    • GN-3800-21-010 - Client Relationship Model ("CRM") - Frequently Asked Questions
    • GN-3900-20-001 - Account Supervision Guidance
    • GN-3900-21-001 - Order Execution Only Dealers and the use of automation in the account opening approval process
    • GN-3900-21-002 - Best Practices for Head Office Supervision of Business Locations
    • GN-3900-21-003 - Principal Protected Notes Compliance Review
    • GN-3900-21-005 - Unilateral Mutual Fund Substitutions
    • MR0187 – Policy 8 and ComSet Reporting Requirements (will be updated as part of a separate project)
    • Notice 09-0363 – Client Complaint Handling Rule and Guidance Note (will be updated as part of a separate project)
    • Notice 16-0068 – Managing Conflicts in the Best Interest of the Client (under consideration for future update)
    • Notice 16-0297 – Managing Conflicts in the Best Interest of the Client – Status Update (under consideration for future update)
    • Notice 17-0093 – Managing Conflicts in the Best Interest of the Client – Compensation-related Conflicts Review  (under consideration for future update)
    • Notice 19-0051 – E-Signatures (will be updated as part of a separate project)
    • MR0162 – Policy 8 – Information Regarding Reporting (will be updated as part of a separate project)
    Series 4000: Dealer Member Financial and Operational Rules
    • GN-4100-21-002- Alternative confirmation procedures for mutual funds
    • GN-4100-21-004- Schedule 9 of Form 1, concentration of securities
    • GN-4200-21-001- Best practices for credit risk management
    • GN-4300-21-001 - “Evidence of deposits” and custody agreements
    • GN-4300-21-002 - Segregation of RRSP Securities
    • GN-4300-21-003 - Cash Segregated in Trust for Clients with an Acceptable Institution
    • GN-4300-21-004 - Securities held in custody - securities held in a foreign jurisdiction
    • GN-4400-21-001 - Mail insurance coverage
    • GN-4400-21-002 - Financial Institutional Bond in-transit Insurance
    • GN-4600-22-001 - Guidance on fully-paid securities lending programs
    • GN-4800-21-001 - Regular settlement date to be used for certain foreign exchange hedge trades
    • GN-4800-21-002 - Exemption from subsection 4803(6) of the IIROC Rules – Interest calculation for monthly pay instruments
    • GN-4800-21-003 - Exemption Procedure for Bulk Account Movements
    Series 5000: Dealer Member Margin Rules
    • GN-5200-21-001 - Government of Canada – Real Return Bonds
    • GN-5200-21-002 - Margin requirements for synthetic and reconstituted Government of Canada Bonds
    • GN-5300-21-001 - Loan value granted to significant security positions held in Dealer Member and client accounts
    • GN-5400-21-002 - Interest rate swaps
    • GN-5400-21-003 - Margin treatment of unhedged foreign exchange positions held in client accounts
    • GN-5600-21-001 - Capital and margin requirements for special warrants, subscription receipts and restricted securities
    • GN-5700-21-001 - Margin requirements for cryptocurrency futures contracts
    • GN-5700-21-002 - Acceptable structures for long condor spread and short iron condor spread
    • GN-5700-21-003 - Over-the-Counter (OTC) option contracts
    • GN-5700-21-004 - Potential early exercise risk when American style options are used in a box spread strategy
    • GN-5900-21-001 - Accounting and margin for repurchase and resale agreements
    Series 7000: Debt Markets and Inter‑Dealer Bond Brokers Rules
    Series 9000: Procedural Rules – Other
    • GN-9200-21-001 - IIROC Registration – The Fit and Proper Test for Approved Persons
    FORM 1
    • GN-FORM1-21-001 - Amendments to Statement B and C of Form 1 – Custodial Agreements
    • GN-FORM1-21-002 - Capital provision for unresolved mutual fund differences
    • GN-FORM1-21-003 - Clarification on Schedule 14 of Form 1 and the limited recourse call loan agreement
    • GN-FORM1-21-004 - Acceptable alternative procedures for U.S. broker reconciliations (Statement B, Form 1)
    • GN-FORM1-22-001 - Margin treatment of registered account debit balances

    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.

    Visit the New Self-Regulatory Organization of Canada website

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