IIROC’s second annual exemption report is now out. It details exemptions the regulator granted members in 2012 from certain Dealer Member Rules, including proficiency requirements, as well as specific Universal Market Integrity Rules (UMIR).

Exemptions were made for trades during a statutory resale restriction, for instance.

The report also outlines why IIROC refused other exemptions. The document is part of IIROC’s effort to help firms understand which exemptions could be granted, says Paul Riccardi, IIROC senior vice-president of enforcement, member policy and registration.

In 2012, IIROC granted a total of 257 exemptions, specifically:

  • 62 exemptions granted by Market Regulation Policy staff to a Participant or Access Person from a provision of UMIR;
  • 12 exemptions granted by the IIROC Board of Directors to a Dealer Member from a provision of the Dealer Member Rules;
  • 26 exemptions granted by IIROC staff to a Dealer Member from a provision of the Dealer Member Rules, not related to proficiency requirements; and
  • 157 exemptions granted by IIROC staff or the Registration Sub-Committee of the applicable District Counsel to individuals seeking IIROC approval from IIROC proficiency requirements.

Find the full report here.

Also read:

IIROC hands out fines

IIROC to distribute more ABCP settlement funds