Notice of Commission Approval - Amendments Respecting Best Execution
INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC)
AMENDMENTS RESPECTING BEST EXECUTION
NOTICE OF COMMISSION APPROVAL
The Ontario Securities Commission has approved IIROC's proposed amendments to the Universal Market Integrity Rules and the Dealer Member Rules respecting Best Execution (the "Amendments").
The Amendments consolidate and update IIROC's best execution requirements to assist Dealer Members to comply with their best execution obligations in a multi-marketplace environment. The Amendments result in a policies-and-procedures based best execution obligation that would apply to all Dealer Members, and more closely align with the CSA definition of "best execution."
The Consolidated Rules were originally published for comment on December 10, 2015 and republished for comment on October 13, 2016. IIROC has made non-substantive changes to the rules as published in 2016 in response to comments received and further industry consultation. A summary of the comments and IIROC's responses, as well as the text of the IIROC Notice including the Amendments, can be found at http://www.osc.gov.on.ca.
The Amendments come into force on January 2, 2018, being 180 days after the publication of the Notice of Approval.
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.