IIROC details regulatory relief during pandemic

The Investment Industry Regulatory Organization of Canada (IIROC) has granted to dozens of industry firms exemptions from routine regulatory requirements due to the ongoing effects of the Covid-19 pandemic.

In March 2020, IIROC began offering firms exemptive relief from certain requirements as they grappled with public health restrictions and other hardships brought on by the pandemic.

According to a notice from the self-regulatory organization, through the end of 2020 it received 221 applications for various forms of relief from 72 dealers.

By the end of the third quarter (Sept. 30, 2020), it had handled 186 applications from 71 firms.

Most of these requests have been granted.

Among other things, the SRO provided relief from certain trade supervisory requirements, audit procedures, client verification stipulations and wet signature requirements.

It also granted 94 waivers for late filing fees.

IIROC also reported that 27 of the exemptions, which originally expired on Oct. 1, 2020, have been extended. The SRO’s staff has been authorized to extend relief until June 30.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.