IIROC receives dozens of relief requests from firms

The Investment Industry Regulatory Organization of Canada (IIROC) has received 48 emergency exemption requests from 25 dealers seeking relief amid the Covid-19 outbreak.

In a notice to dealers, IIROC reported that, as of April 9, it had received numerous exemption requests from dealers of different sizes and business models.

In response, it has granted exemptions in several areas, including account supervision, margin-related relief and waiving late filing fees.

Applications still under consideration (as of April 9) involved requests related to auditing procedures, trade review supervision, branch reviews and client verification requirements.

The self-regulatory organization said it is managing these relief requests “as expeditiously as possible and with fairness, consistency and transparency.”

Last month, IIROC said that its board has approved offering regulatory relief in numerous areas due to the hardships firms are facing from the pandemic.

“IIROC’s objective, in doing so, was to provide firms, where necessary, flexibility to service their clients with mitigating controls or processes to maintain investor protection in this challenging operational environment,” it said.

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.