2507. Ultimate Designated Person

Or jump to a Series:

    1. A Dealer Member must designate an Ultimate Designated Person who must be designated as an Executive and meet the general requirements for Executives set out in section 2503. 

    2. The Ultimate Designated Person must be:

      1. the chief executive officer of the Dealer Member or, if the Dealer Member does not have a chief executive officer, an individual acting in a capacity similar to a chief executive officer, 

      2. the sole proprietor of the Dealer Member, or

      3. the Executive in charge of a division of the Dealer Member, if the activity that requires the Dealer Member to register occurs only within the division and the Dealer Member has significant other business activities. 

    3. A Dealer Member may designate additional Ultimate Designated Persons to be responsible for separate business units, with the prior approval of IIROC and any other applicable securities regulatory authority.
    4. If an individual who is approved as a Dealer Member’s Ultimate Designated Person ceases to meet any of the conditions listed in subsections 2507(1) and 2507(2), the Dealer Member must immediately designate another qualified individual to act as its Ultimate Designated Person or if unable to do so, promptly notify IIROC of its plan to designate another qualified individual as its Ultimate Designated Person.

    2508. – 2549.  Reserved.

    There is no history log for this rule.

    There is no history log for this rule.