On November 17, 2015, the Investment Industry Regulatory Organization of Canada (IIROC) announced that it was extending the deadline for unwinding existing trustee, executorship and power of attorney arrangements prescribed by Dealer Member Rule 43.2(5)(i) to September 13, 2016. IIROC previously required such arrangements to be unwound by December 13, 2015.
IIROC states that the extension was granted because they are continuing to review comments in response to IIROC Notice 14-0103 which would: (i) narrow the prohibition relating to the assumption of control or authority positions such that it only applies to registered representatives and investment representatives; and (ii) provide an exemption to allow registered representatives and investment representatives to act as a non-Related Person's trustee or executor, subject to certain conditions.
For further information, please see IIROC Notice 15-0256.
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