IDA By-law Nos. 2 and 20 – Membership Application Process – Withdrawal of Proposed Rule Amendments

INVESTMENT DEALERS ASSOCIATION OF CANADA --

BY-LAW NOS. 2 AND 20 - MEMBERSHIP APPLICATION PROCESS

WITHDRAWAL OF PROPOSED RULE AMENDMENTS

I Overview

On April 13, 2007 the Ontario Securities Commission published for comment proposed revisions to the Investment Dealers Association of Canada (IDA) membership application process. On June 1, 2008, the IDA combined with Market Regulation Services Inc. and formed the Investment Industry Regulatory Organization of Canada (IIROC). Due to the formation of IIROC, as approved by the Canadian Securities Administrators (CSA), the amendments are no longer required for the following reasons:

• IIROC General By-law No. 1 includes the previously proposed revisions to IDA By-law No. 2.

• IIROC Dealer Member Rule 20 now includes a specific opportunity for a applicant to be heard in relation to a Dealer Member application, as was contemplated in the previously proposed revisions to IDA By-law No. 20, so revisions to that section are no longer necessary.

II Withdrawal

IIROC has informed the CSA that it has withdrawn the proposed By-law amendments.

Questions may be referred to:

Richard J. Corner

Vice President, Member Regulation Policy

Investment Industry Regulatory Organization of Canada

416-943-6908