An individual is not permitted to act as an Approved Person and a Dealer Member is not permitted to allow an individual to act as an Approved Person unless:
the Dealer Member is registered or licensed (or exempt from such registration or licensing) in the appropriate category under securities laws in each jurisdiction in which clients of the Dealer Member reside or in which the Dealer Member carries on securities related business,
the individual, if required to do so under securities laws, is registered or licensed (or exempt from such registration or licensing) in the appropriate category under securities laws in each jurisdiction in which clients of the individual reside or in which the individual carries on securities related business, and
the individual is approved by IIROC in the appropriate Approved Person category, before the individual begins working in that role.
- Only a Dealer Member’s director, partner, officer or employee can be an Approved Person.
- A Dealer Member must ensure that each Approved Person at the Dealer Member complies with IIROC requirements applicable to that individual’s Approved Person category.
- All Approved Persons are subject to IIROC jurisdiction and must comply with IIROC requirements.
- A Dealer Member must ensure that, when dealing with the public, its Approved Persons use titles and designations that accurately indicate:
- the type of business that he or she has been approved by IIROC to conduct, and
- the role that he or she carries out or has been approved by IIROC to carry out.
- If an Approved Person ceases to be approved by IIROC, the former Approved Person must immediately cease any activity requiring IIROC approval.
- An Approved Person must not accept, nor allow an associate to accept, directly or indirectly, any pay, wages, salary, fees, gratuity, advantage, benefit or other consideration from any person other than the Dealer Member, its related companies, or affiliates for any Dealer Member related activities carried out by the Approved Person.