OSC Staff Notice of Approval – Amendments Relating to Rule 100.10K – Optional Use of TIMS or SPAN – Investment Industry Regulatory Organization of Canada (IIROC)
The Ontario Securities Commission approved IIROC's proposed amendments to Dealer Member Rule 100.10(K) -- Optional use of TIMS or SPAN (the "proposed amendments"). The primary objective of the proposed amendments is to harmonize IIROC Dealer Member Rule 100.10(K) with similar amendments being proposed by the Bourse de Montreal. These relate to approved changes made by the Canadian Derivatives Clearing Corporation to address procyclicality of margin.
The amendments were published for public comment on July 16, 2015. One comment letter that was supportive of the proposed amendments was received.
The amendments will be effective on November 30, 2015. A copy of the IIROC Notice including the proposed amendments can be found at http://www.osc.gov.on.ca.
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 Office have approved or not objected to the amendments.