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.
