Notice of Commission Approval - Derivatives Rule Modernization, Stage 1 - Canadian Investment Regulatory Organization (CIRO)

The Ontario Securities Commission has approved CIRO’s proposed Derivatives Rule Modernization, Stage 1 amendments to its Investment Dealer and Partially Consolidated Rules (IDPC Rules) to expand, where appropriate, the scope of the rules that apply only to securities-related activities to also apply to derivatives-related activities (and in particular, over-the-counter derivatives activities); and to ensure consistency with the CSA Multilateral Instrument 93-101 Derivatives: Business Conduct (MI 93-101) (the Amendments).

CIRO initially published the Amendments for comment in IIROC Rules Notice 19-0200, followed by the republication for comment in IIROC Rules Notice 22-0055 and CIRO Rules Bulletin 23-0092. One comment letter was received in response to the third publication for comment on July 13, 2023. Non-material changes were made following the third publication and comments by the CSA.

A copy of the CIRO Implementation Bulletin, including text of the Amendments, can be found at www.osc.ca.

The Amendments will be effective on September 28, 2024, to align with the effective date of MI 93-101.

In addition, the Alberta Securities Commission; the Autorité des marchés financiers; the British Columbia Securities Commission; the Manitoba Securities Commission; the Financial and Consumer Services Commission of New Brunswick; the Office of the Superintendent of Securities, Digital Government and Service Newfoundland and Labrador; the Office of the Superintendent of Securities, Northwest Territories; the Nova Scotia Securities Commission; the Office of the Superintendent of Securities, Nunavut; the Prince Edward Island Office of the Superintendent of Securities; the Financial and Consumer Affairs Authority of Saskatchewan; and the Office of the Yukon Superintendent of Securities have either not objected to or have approved the Amendments.