IIROC releases 2013 report on exemptions granted

May 22, 2014

IIROC released its annual Exemption Report today, which provides a summary of the exemptions granted last year from certain UMIR and Dealer Member Rule provisions. Ultimately, 478 exemptions from IIROC requirements were granted in 2013, with most of the exemptions being granted from proficiency requirements.

Exemptions from proficiency requirements were granted in a range or circumstances, including in connection with registered representatives seeking to add portfolio management services to their IIROC registration and where the individuals had previously completed the relevant courses. Circumstances where off-marketplace trades were permitted included transfers of securities to accredited investors that were subject to a statutory resale restriction (hold period), principal take-on trades where the Participant was to undertake a distribution to its clients and to permit purchases pursuant to the private agreement exemption for exempt take-over bids.

For more information, see IIROC Notice 14-0128.

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