A Dealer Member must designate a Chief Compliance Officer who must:
be designated as an Executive and meet the general requirements for Executives set out in section 2503, and
satisfy the applicable proficiency and experience requirements set out in clause 2602(3)(xxx).
- The Chief Compliance Officer may be the Ultimate Designated Person, if approved by IIROC.
- A Dealer Member may designate additional Chief Compliance Officers to be responsible for separate business units of the Dealer Member, if the Dealer Member has obtained the prior approval of IIROC and any other applicable securities regulatory authority.
- When a Chief Compliance Officer ceases to be approved in the applicable category, the Dealer Member must either immediately:
- designate a qualified individual as Chief Compliance Officer, or
- with IIROC’s prior approval, designate an Executive as acting Chief Compliance Officer.
When an acting Chief Compliance Officer is designated:
- the individual must satisfy the applicable proficiency requirements of clause 2602(3)(xxx) and be designated as Chief Compliance Officer, or
- the Dealer Member must designate another qualified individual as Chief Compliance Officer,
- within 90 days of the previous Chief Compliance Officer’s cessation date.
- Any Dealer Member that fails to have a qualified Chief Compliance Officer within 90 days of the cessation date of the previous Chief Compliance Officer, or such other dates as IIROC may specify, will be liable for and pay to IIROC such fees as the Board may prescribe from time to time.