The Investment Industry Regulatory Organization of Canada (IIROC) has released rule amendments on trade matching and trade confirmation delivery requirements that take effect Oct. 1.
These amendments will give IIROC dealer members more time to report non-exchange, dealer-to-dealer trades to the CDS Trade Matching Service in order to comply with Dealer Member Rule 800.49.
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For qualifying dealer members, the rules relieve dealer members from the obligation to send trade confirmations to clients where the trade must: 1) be matched pursuant to Dealer Member Rule 800.49 or National Instrument 24-101; and 2) the client consents to not receiving trade confirmations.
These changes have been approved by the Canadian Securities Administrators.
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“These amendments give dealer members greater flexibility in meeting their trade matching and trade confirmation obligations, while ensuring the timely reporting of trades to clients,” said Paul Riccardi, IIROC’s Senior Vice-President, Enforcement, Member Policy & Registration.