IDA By-law No. 18.8 – Definition of “Non-Retail Clients” – Withdrawal of Proposed Rule Amendment

INVESTMENT DEALERS ASSOCIATION OF CANADA

BY-LAW NO. 18.8 -- DEFINITION OF "NON-RETAIL CLIENTS"

WITHDRAWAL OF PROPOSED RULE AMENDMENT

I Overview

On April 12, 2006, the IDA's Board of Directors approved amendments to IDA By-law No. 18.8 with respect to the definition of the term "non-retail clients". The amendments were submitted to the recognizing regulators as housekeeping amendments. The recognizing regulators had concerns on the classification of the amendments as they considered them to be public comment rule amendments. On June 1, 2008, the IDA combined with Market Regulation Services Inc. and formed the Investment Industry Regulatory Organization of Canada (IIROC).

II Withdrawal

IIROC has informed the Canadian Securities Administrators (CSA) that it has withdrawn these proposed rule amendments. These rule amendments will be resubmitted to the CSA at a later date as part a larger package of public comment rule amendments relating to a project to rewrite the IIROC Dealer Member rules in plain language.

Questions may be referred to:

Richard J. Corner

Vice President, Member Regulation Policy

Investment Industry Regulatory Organization of Canada

(416) 943-6908