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ARTICLE · 23 DECEMBER 2019

Mandatory Cybersecurity Incident Reporting For IIROC Investment Firms

McCarthy Tétrault
McCarthy Tétrault
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In November 2019, the Investment Industry Regulatory Organization of Canada ("IIROC") released new mandatory reporting requirements for cybersecurity incidents, per IIROC Notice 19-0194.

CanadaTechnology
TechLex Blog
TechLex Blog
Cristian Blidariu
Cristian Blidariu
Sean Sadler
Sean Sadler
Michael Scherman
Michael Scherman
Erich Schultze
Erich Schultze
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In November 2019, the Investment Industry Regulatory Organization of Canada ("IIROC") released new mandatory reporting requirements for cybersecurity incidents, per IIROC Notice 19-0194.

What are the new requirements?

The Canadian Securities Administrators ("CSA") approved amendments to the Dealer Member Rules and the IIROC Dealer Member Plain Language Rule Book (the "Amendments"), which result in an obligation for IIROC Dealer Members ("Dealer Members") to submit two specific reports to IIROC after a cybersecurity incident:

  • Dealer Members are first required to report to IIROC any cybersecurity incidents within three days of discovery of the incident. This report must include:

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