Notice of Commission Approval – Amendments Relating to Futures Segregation and Portability Customer Protection Regime – Investment Industry Regulatory Organization of Canada (IIROC)
The Ontario Securities Commission has approved IIROC’s proposed amendments to the IIROC Rules and Form 1 relating to the futures segregation and portability customer protection regime (Amendments). The Amendments align IIROC requirements with the corresponding rule changes at the Canadian Derivatives Clearing Corporation (CDCC) to implement a new customer protection segregation and portability regime based on the use of a gross customer margin (GCM) model.
IIROC originally published the Amendments for comment on July 8, 2021, followed by the republication for comment on April 21, 2022. One comment letter was received respecting the republication. IIROC has made non-material changes to the Amendments in response to comments received. A summary of the public comments and IIROC’s responses to those comments, as well as the IIROC Notice of Approval/Implementation, including text of the Amendments, can be found at www.osc.ca.
The Amendments will be effective upon the implementation of CDCC’s rule amendments for the GCM model initiative on March 31, 2023. If the implementation of CDCC’s rule amendments for the GCM model initiative is extended beyond March 31, 2023, the implementation of the Amendments will be extended accordingly.
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 of New Brunswick; the Manitoba Securities Commission; the Northwest Territories Office of the Superintendent of Securities; the Nova Scotia Securities Commission; the Nunavut Office of the Superintendent of Securities; the Office of the Superintendent of Securities, Digital Government and Service Newfoundland and Labrador; the Office of the Yukon Superintendent of Securities; and the Prince Edward Island Office of the Superintendent of Securities have either not objected to or have approved the Amendments.