2502. General requirements for Directors

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    1. No individual may become a member of the board of directors of a Dealer Member unless that individual has been approved as a Director by IIROC.

    2. At least 40% of the Dealer Member’s Directors must:

      1. either:

        1. be actively engaged in the business of the Dealer Member and spend the majority of their time in the securities industry, except those on active government service, or who for health reasons are prevented from such active engagement, or

        2. occupy a position equivalent to an Executive or a Director at a related or affiliated firm registered with a securities regulatory authority, an affiliated foreign securities dealer or advisor, or an affiliated Canadian financial institution,

      2. satisfy the applicable proficiency requirements of clause 2602(3)(xxviii), and
      3. have at least five years’ experience in the financial services industry, or such lessor period as may be acceptable to IIROC.
    3. The remaining Directors who do not meet subsection 2502(2) must, if actively engaged in the business of the Dealer Member or its related company, meet the requirements of sub-clause 2502(2)(i)(b) and clause 2502(2)(ii).

    There is no history log for this rule.

    There is no history log for this rule.