Notice of Commission Approval – Material Amendments to Schedule 12 of Form 1 and its Notes and Instructions Relating to Margin on Futures Concentrations and Deposits – Investment Industry Regulatory Organization of Canada (IIROC)

Market Regulation Document Type
IIROC rule review

The Ontario Securities Commission has approved IIROC’s proposed material amendments to Schedule 12 of Form 1 and its Notes and Instructions relating to margin on futures concentrations and deposits. The material amendments will subject Dealer Members to margin requirements that are more reflective of the reduced risks regarding maintenance margin rates that are calculated and published daily, as opposed to weekly or monthly.

The proposed material amendments were republished for public comment on June 23, 2016. An original proposal was published for public comment on January 20, 2012. In response to Canadian Securities Administrators comments received, IIROC concluded that it would be prudent to divide the original proposal and republish two separate proposals (the material amendments and the non-material amendments). Five public comment letters were received for the republished proposed material amendments and can be found on the IIROC website. Non-material revisions to the proposed material amendments, as set out in Notice 16-0141, were made to reflect the implementation of the non-material amendments on April 28, 2017.

The material amendments will be effective on July 28, 2017. A copy of the IIROC Notice including the material amendments can be found at

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 Nova Scotia Securities Commission, the Office of the Superintendent of Securities, Service Newfoundland and Labrador, and the Prince Edward Island Office of the Superintendent of Securities have approved or not objected to the amendments.