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ARTICLE · 30 DECEMBER 2015

IIROC Proposes Allowing Directed Commissions And Representatives Restricted To Selling Mutual Funds And ETFs

Stikeman Elliott LLP
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On November 25, 2015, the Investment Industry Regulatory Organization of Canada (IIROC) published a white paper proposing changes on two fundamental issues on the business operations of registered dealers and representatives.

CanadaFinance and Banking
Darin Renton
Darin Renton
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On November 25, 2015, the Investment Industry Regulatory Organization of Canada (IIROC) published a white paper proposing changes on two fundamental issues on the business operations of registered dealers and representatives.

First, IIROC has proposed allowing firms and individuals to obtain IIROC registration only for the purpose of conducting business limited to mutual funds and exchange traded funds.  Consequently, under the IIROC Dealer Member Rules, individuals approved as registered representatives and investment representatives of an IIROC dealer who only have mutual fund dealer representative qualifications would no longer be required to upgrade their credentials within 270 days of approval.  Currently, a failure to upgrade one's credentials results in the automatic suspension of registration.

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