Notice of Revocation, Assignment, and Approval – Assignment of Powers and Duties to Investment Industry Regulatory Organization of Canada (IIROC)

IIROC recognition and other orders

 

The Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. have combined their regulatory activities into a single organization known as the Investment Industry Regulatory Organization of Canada (IIROC). Effective June 1, 2008, the Ontario Securities Commission and other recognizing regulators recognized IIROC as a self-regulatory organization (SRO).

With the recognition of IIROC, it is necessary to revoke the existing assignment of powers and duties to the IDA made under section 21.5(2) of the Securities Act (Ontario) (OSA) (the Existing Order). 

In the place of the Existing Order, there is a new assignment effective June 1, 2008 to the IIROC of certain powers and duties of the Director under the OSA and the Commodity Futures Act (Ontario) (the CFA). These powers and duties include granting registration, imposing terms and conditions, refusing to grant registration, and granting certain exemptions. The Executive Director and the Commission signed an order to revoke the existing assignment order, assign the powers and duties to IIROC, and approve the new assignment (the Order).

The Order is substantially the same as the Existing Order, with two changes:

  • The Order includes an assignment of Director powers and duties under the CFA that mirror the powers and duties of the Director that are assigned to IIROC pursuant to the OSA.
  • The Order excludes the Director’s powers and duties related to renewals of registration. The reason for this change is that although the Existing Order does not exclude renewals of registration, in practice, renewals of registration are currently carried out by OSC staff. OSC staff wish to continue to carry out renewals of registration until proposed National Instrument 31-103 Registration Requirements comes into force, at which time registration will be permanent and renewals of registration will no longer be required.