Notice of Commission Approval - Proposed Amendments to IDA Regulation 200.1(h) Regarding Confirmations for Managed Account Transactions

THE INVESTMENT DEALERS ASSOCIATION OF CANADA (IDA)

NOTICE OF COMMISSION APPROVAL

PROPOSED AMENDMENTS TO IDA REGULATION 200.1(h)

REGARDING CONFIRMATIONS FOR MANAGED ACCOUNT TRANSACTIONS

The Ontario Securities Commission (OSC) approved proposed amendments to IDA Regulation 200.1(h) regarding confirmations for managed account transactions. In addition, the Alberta Securities Commission (ASC) approved and the British Columbia Securities Commission (BCSC) did not object to the proposed amendments. The proposed amendments exempt IDA members from providing trade confirmations to managed account clients subject to certain conditions. The proposed amendments were based on three MRRS decisions of the Canadian Securities Administrators (CSA), granting exemption from trade confirmation requirements under securities legislation. Staff would like to note that IDA members who would like to rely on the exemption under the proposed amendments should ensure that they have also obtained relief from the CSA from the trade confirmation requirements under securities legislation.

A copy and description of the proposed amendments were published on July 11, 2003, at (2003) 26 OSCB 5389. No comments were received. As a result of staff review, the IDA has made non-material changes to the proposed amendments to ensure that the conditions contained in the proposed amendments are consistent with the conditions contained in the three MRRS decisions of the CSA. The revised proposed amendments that were approved by the OSC and the ASC and non-objected to by the BCSC are contained in Chapter 13 of this Ontario Securities Commission Bulletin.