IDA Policy No. 4 Minimum Standards for Institutional Accounts Withdrawal of By-Law

INVESTMENT DEALERS ASSOCIATION OF CANADA -- POLICY NO. 4 MINIMUM STANDARDS FOR INSTITUTIONAL ACCOUNTS

WITHDRAWAL OF BY-LAW

I. OVERVIEW

On April 25, 2003 the Ontario Securities Commission published for comment proposed Policy No. 4, which sets out the Minimum Standards for Institutional Accounts. One comment letter was received on the proposals in addition to comments from Canadian Securities Administrators (CSA) staff. The comments have been addressed with the exception of one outstanding issue regarding suitability.

II. WITHDRAWAL

The Association has informed the CSA that it has withdrawn the proposed Policy and will resubmit a revised version of the Policy, which will address the comments received on the version published on April 25, 2003. The revised version will also reflect the discussions with Ontario Securities Commission staff with respect to the issue of suitability for Institutional Accounts.

Questions may be referred to:

Deborah Wise

Legal and Policy Counsel

Investment Dealers Association of Canada

(416) 943 -- 6994

September 14, 2004.