Notice of Commission Approval - Amendments Respecting Client Identifiers

Market Regulation Document Type
IIROC rule review

April 18, 2019
Updated – March 26, 2020

 

 

NOTICE OF COMMISSION APPROVAL

INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA
(IIROC)

AMENDMENTS RESPECTING CLIENT IDENTIFIERS

 

The Ontario Securities Commission has approved IIROC’s proposed amendments to the Universal Market Integrity Rules (UMIR) and the Dealer Member Rules (DMR) respecting client identifiers (the “Amendments”).

IIROC originally published proposed client identifier requirements for consultation in May 2017. In light of the comments received and further industry consultation, the Amendments were published for comment on June 28, 2018. IIROC has made non-substantive changes to the rules as published in 2018 in response to comments received. A summary of the public comments and IIROC's responses, as well as the IIROC Notice of Approval / Implementation 19-0071 including the Amendments, can be found at http://www.osc.gov.on.ca.

There will be a three-phased implementation period for the Amendments. On March 26, 2020, IIROC publishes a Technical Notice – 20-0056, which revises the implementation schedule as follows: 

Phase

Original Implementation Date

New Implementation Date

Phase 1 – Debt Securities

October 18, 2019

No Change

Phase 2 – Listed Securities

October 19, 2020

July 26, 2021

Phase 3 – Listed Securities

April 19, 2021

July 26, 2021

 

In addition, the Alberta Securities Commission, the Autorité des marchés financiers, the British Columbia Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Financial and Consumer Services Commission (New Brunswick), Legal Registries Division, Department of Justice (Northwest Territories), Legal Registries Division, Department of Justice (Nunavut), the Manitoba Securities Commission, the Nova Scotia Securities Commission, the Office of the Superintendent of Securities, Service Newfoundland and Labrador, the Office of the Yukon Superintendent of Securities, and the Prince Edward Island Office of the Superintendent of Securities have approved or not objected to the Amendments.