Notice of Commission Deemed Approval – Housekeeping Amendments to the Auditor’s Report and Agreed-upon Procedures Report – Canadian Investment Regulatory Organization (CIRO)

The Ontario Securities Commission did not object to CIRO’s proposed housekeeping amendments that amend the auditor’s reports and agreed-upon procedures reports in Mutual Fund Dealer (MFD) Form 1 and Investment Dealer and Partially Consolidated (IDPC) Form 1, and update the relevant MFD and IDPC Rules to reflect the current name of the agreed-upon procedures report (the Housekeeping Amendments).  The main objective of the Housekeeping Amendments is to conform the auditor’s report and agreed-upon procedures report in MFD Form 1 and IDPC Form 1 to new auditing standards, including the requirement in paragraph 30(m) of the Canadian Standard on Related Services 4400, Agreed-upon Procedures Engagements for the auditor to include a statement that the audit firm applied Canadian Standard on Quality Management 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements or Other Assurance of Related Services Engagements.  As a result, the Housekeeping Amendments were deemed approved or non-objected to.

The Housekeeping Amendments 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 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 Superintendent of Securities, Digital Government and Services, Newfoundland and Labrador; the Office of the Yukon Superintendent of Securities; and the Prince Edward Island Office of the Superintendent of Securities (together with the Ontario Securities Commission, the Recognizing Regulators) did not object to the classification of the Housekeeping Amendments and therefore the Housekeeping Amendments were deemed approved or non-objected to.

A copy of the CIRO Notice of Approval/Implementation, including the text of the approved Housekeeping Amendments, is also published on our website at www.osc.ca.