Notice of Commission Approval - Amendment to IDA Policy No. 2 - Minimum Standards for Retail Account Supervision

AMENDMENT TO IDA POLICY No. 2
MINIMUM STANDARDS FOR RETAIL ACCOUNT SUPERVISION

NOTICE OF COMMISSION APPROVAL

The amendments to IDA Policy No. 2 regarding minimum standards for retail account supervision has been approved by the Ontario Securities Commision. In addition, the Saskatchewan Securities Commission approved and the Alberta Securities Commission as well as the British Columbia Securities Commission did not object to these amendments. These amendments became effective on January 17, 2002. The amendments make three changes to IDA Policy No. 2:

• The minimum commission amounts which would trigger the requirement for monthly account reviews would be increased from $1,000 to $1,500 for branch office accounts and from $2,500 to $3,000 for head office accounts;
• For accounts which pay set fees rather than commissions, members would be required to develop procedures to determine which of these accounts require monthly review; and,
• A mechanism would be included which will allow a member firm to apply for SRO approval for another form of account supervision.

A copy and description of the amendments was published for comment on July 27, 2001 at (2001) 24OSCB 4662. No comments were received.