Assignment of Powers and Duties of the Director to IIROC
ASSIGNMENT OF POWERS AND DUTIES
OF THE DIRECTOR TO THE
INVESTMENT INDUSTRY REGULATORY
ORGANIZATION OF CANADA
On September 22, 2009, the Executive Director (Executive Director) of the Ontario Securities Commission, with the approval of the Ontario Securities Commission (the Commission), issued the Revocation and Assignment (the New Assignment), which is published in Chapter 2.2.
The New Assignment revokes and restates an existing assignment (the Existing Assignment) of certain registration-related powers and duties to the Investment Industry Regulatory Organization Canada (IIROC), under subsection 21.5 of the Securities Act (Ontario) (the OSA) and section 20 of the Commodity Futures Act (Ontario) (the CFA), effective September 28, 2009.
The replacement of the Existing Assignment by the New Assignment is being made in conjunction with the coming into force on September 28, 2009 of National Instrument 31-103 Registration Requirements and Exemptions (NI 31-103), together with certain related amendments to the OSA (which will no longer require the annual renewal of registrations) and the regulations made under the OSA.
The New Assignment includes an assignment to IIROC of the Director’s power to impose terms and conditions on the registration under the OSA and CFA of an individual registered representative of an IIROC-member firm during the currency of the representative's registration (and not just at the time of initial registration, as previously provided for in the Existing Assignment).