The Investment Industry Regulatory Organization of Canada (IIROC) is proposing amendments to the Dealer Member Rules dealing with market transparency in trades of domestic debt securities.
Section 2100.1 and 2100.4(d) of the Dealer Member Rules are proposed to be amended to make them consistent with the requirements of National Instrument 21-101 Marketplace Operation (NI 21-101), including by eliminating the requirement that the IIROC Board of Directors recognize an organization that provides market transparency and by amending the definition of "information processor".
In addition, the proposed amendments are intended to ensure that these provisions remain current when CanPX Inc. ceases operations as an information processor on June 30, 2016. According to IIROC, the current drafting of the provisions do not support any other party acting as an information processor. Parts of the Dealer Member Rules specifically name CanPX Inc. as an information processor – the proposed amendments would remove such direct references in order to allow any party to act as an information processor pursuant to NI 21-101.
For further information, please consult IIROC Notice 16-0117 Proposed Amendments Respecting Market Transparency in Trading of Domestic Debt Securities.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
