Industry

NOTICE OF COMMISSION DEEMED APPROVAL

INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC)

HOUSEKEEPING AMENDMENTS TO FORM 2 – NEW CLIENT APPLICATION FORM (FORM 2) FOR CONSISTENCY WITH THE CURRENT CULTURAL AND BUSINESS PRACTICES

The Ontario Securities Commission did not object to the classification of IIROC’s proposed housekeeping amendments to Form 2 for consistency with the current cultural and business practices. Form 2 is amended by:

  • removing the salutations from the “name” field (i.e. use of the terms “Mr.”, “Mrs.” and “Miss”), and
  • replacing the term “IDA” at the top of the form with “IIROC”.

The proposed housekeeping amendments are deemed to be approved and are effective immediately.

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 Newfoundland and Labrador Office of the Superintendent of Securities, the Northwest Territories Office of the Superintendent of Securities, the Nova Scotia Securities Commission, the Nunavut Office of the Superintendent of Securities, the Office of the Yukon Superintendent of Securities, and the Prince Edward Island Office of the Superintendent of Securities did not object to the amendments.

A copy of IIROC’s Notice of Approval/Implementation and the text of the approved amendments can be found at http://www.osc.gov.on.ca.

Please note that as of June 1, 2020, the requirements under Form 2 will no longer exist. This is because in the IIROC Rules, which will be effective as of June 1, 2020 and will replace the IIROC Dealer Member Rules (DMR, current until May 31, 2020), IIROC consolidated the client identification and know-your-client requirements and eliminated the reference to “applicable information required by Form 2” found in the current Rule 1300.2 of DMR. More information on the implementation of the IIROC Rules could be found at http://www.osc.gov.on.ca.