2553. Approval of Registered Representatives, Investment Representatives, Portfolio Managers and Associate Portfolio Managers and their obligations

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    1. A Portfolio Manager and Associate Portfolio Manager is also permitted to conduct activities carried on by a Registered Representative in accordance with IIROC requirements applicable to Registered Representatives.

    2. A Registered Representative, Investment Representative, Portfolio Manager or Associate Portfolio Manager  may not conduct on behalf of a Dealer Member, and a Dealer Member may not permit the Approved Person to conduct on its behalf, the type of business as set out in clause 2553(2)(iv) and deal with a type of customer as set out in clauses 2553(2)(i) and (ii), unless the Dealer Member complies with the following: 

      1. The Dealer Member must notify IIROC, and seek IIROC’s prior approval on whether the Registered Representative, Investment Representative, Portfolio Manager or Associate Portfolio Manager will deal with either retail clients or institutional clients.  

      2.  A Registered Representative dealing with:

        1. retail clients, may take orders from, or give advice to, all types of clients, or

        2. institutional clients, may take orders from, or give advice to, institutional clients only.

      3.  An Investment Representative dealing with:
        1. retail clients, may take orders from all types of clients, or
        2. institutional clients, may take orders from institutional clients only. 
      4. The Dealer Member must notify IIROC which of its individuals approved as a Registered Representative, Investment Representative, Portfolio Manager or Associate Portfolio Manager will deal in or advise in:
        1. only mutual funds, government or government-guaranteed debt instruments, and deposit instruments issued by a federally regulated bank, trust company, credit union or caisse populaire, except those for which all or part of the interest or return is indexed to the performance of another financial instrument or index,
        2. options
        3. futures contracts and futures contract options, other than in any province where approval is required, and 
        4. general securities business; including equities, fixed 
          income and other investment products not listed above.
    3. An individual applying for approval as a Registered Representative or Investment Representative dealing with mutual fund business only must comply with the proficiency requirements in clauses 2602(3)(vi) and (xii).
    4. A Registered Representative or Investment Representative approved to deal with mutual funds only must comply with the following:
      1. within 270 days of initial approval, successfully complete the Canadian Securities Course and the Conduct and Practices Handbook Course, and
      2. complete the applicable training program required before approval for a Registered Representative in clause 2602(3)(i) or an Investment Representative in clause 2602(3)(vii) and the Dealer Member must notify IIROC that the restriction to mutual funds only has been removed.
    5. Clause 2553(4)(ii) does not apply to a Registered Representative or Investment Representative qualified to conduct mutual funds only who was approved prior to September 28, 2009 and registered in provinces or territories which allowed the individual to be restricted to mutual funds only, provided they remain in the same restricted category of approval in the same provinces/territories. 
    6. The approval of an individual qualified to conduct only mutual fund business is automatically suspended if the individual fails to satisfy the requirement in subsection 2553(4) until the individual has satisfied the requirements and notifies IIROC.
    7. An Associate Portfolio Manager must not advise on securities unless, before giving the advice, the advice has been pre-approved by the Portfolio Manager.

    There is no history log for this rule.

    There is no history log for this rule.