IIROC releases 2012 report on exemptions granted

6 juin 2013

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Earlier this week, Investment Industry Regulatory Organization of Canada released its second annual Exemption Report, which provides an overview of exemptions granted last year by IIROC from certain UMIR and Dealer Member Rule provisions. Ultimately, Market Regulation Policy staff, the IIROC Board of Directors or IIROC staff granted 257 exemptions, including 62 granted in response to a request by Participant to act as principal or agent in respect of an off-marketplace trade and 157 from proficiency requirements.

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. Exemptions from proficiency requirements were granted in a range or circumstances, including to accept alternative work experiences.  IIROC staff also granted 26 exemptions with respect to “bulk transfers” of client accounts.

IIROC's first exemption report was issued in May 2012. For more information, see IIROC Notice 13-0149.

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