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ARTICLE · 23 NOVEMBER 2014

IIROC Adopts Amendments Regarding Order Execution Services

Stikeman Elliott LLP
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The Investment Industry Regulatory Organization of Canada today republished for comment proposed changes to its Dealer Member Rules related to the requirement to disclose membership in IIROC as a Dealer Member.

CanadaCorporate/Commercial Law
Stikeman Elliott LLP
Stikeman Elliott LLP
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IIROC yesterday announced the adoption of amendments to UMIR and its Dealer Member Rules  intended to achieve consistency in the oversight of similar activity occurring through different forms of third-party electronic access. 

Among other things, the amendments introduce a requirement that dealers providing order execution services include a client ID on each order entered on a marketplace for or on behalf of any client (i) whose trading activity on marketplaces exceeds a daily average of 500 orders per trading day in any calendar month; (ii) that is not an individual and is registered as a dealer or adviser in accordance with applicable securities legislation; or (iii) that is not an individual and is in the business of trading securities in a foreign jurisdiction in a manner analogous to a dealer or adviser.

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