Request for Comment – Notice of Proposed Derivatives Rule Modernization, Stage 1 – Investment Industry Regulatory Organization of Canada (IIROC)

Market Regulation Document Type
IIROC rule review

IIROC is publishing for public comment proposed amendments to its Dealer Member related plain language rules arising from its derivatives rule modernization project, Stage 1. The stated objectives of the proposed amendments are to:

  • ensure its rules continue to be materially harmonized with the equivalent Canadian Securities Administrators requirements as they apply to securities and derivatives;
  • more clearly specify which of the core regulatory obligations apply to securities, listed derivatives and over-the-counter derivatives; and
  • eliminate inconsistencies in the regulatory treatment of securities, listed derivatives and over-the-counter derivatives, where justified.

Due to the extent and nature of these proposed amendments, IIROC is publishing for public comment in two separate stages:

  • Currently, Stage 1 includes all amendments IIROC proposes to make (other than those relating to margin requirements); and
  • At a later date, Stage 2 will include proposed amendments relating to the margin requirements.

A copy of the IIROC Notice, including the text of the proposed amendments, is also published on our website at The comment period ends on February 19, 2020.