Investor Alert:
CIRO is issuing a warning to Canadian investors regarding Canada Token Trade.
This Guidance Note provides a consolidated reference on the late filing fees as prescribed by the IIROC Board of Directors. Information is included on the late filing fees for Notices of End of Individual Registration or Permitted Individual Status, Supervision Reports, and the failure to have a Chief Financial Officer or Chief Compliance Officer within 90 days as specified within the IIROC Rules.1 IIROC staff does not have discretion to waive or reduce these late filing fees.
Subsection 2807(1) requires a Dealer Member (Dealer) to notify IIROC of the cessation of an individual’s activities as an Approved Person or approved investor within the time and manner prescribed in National Instrument 33-109 (NI 33-109). Dealers are subject to the prescribed late fee for failure to file the Form 33-109F1 Notice of End of Individual Registration or Permitted Individual Status (F1), as set out in clause 2806(2)(ii), within the time specified.
The IIROC late filing fees for F1 filings are:
Late filing fees apply to all Approved Persons and approved investors. The F1 must be filed electronically via the NRD. We remind Dealers that true and complete information must be provided for all questions answered. Dealers must keep the F1 and all related documents for seven years after the individual ceases to be an Approved Person or an approved investor.
As set out in subsection 2552(4), a Dealer must file a Supervision Report specified by IIROC on the terms and conditions imposed on an Approved Person under Rule 8200 or Rule 9200 within 10 business days after month end. In accordance with subsection 2552(5), if the report is not filed, or is filed late, the Dealer must pay the applicable late filing fee outlined below:
Email addresses:
Office | Email Address |
---|---|
Ontario Office | [email protected] |
Atlantic Office | [email protected] |
Pacific Office | [email protected] |
Prairie Office | [email protected] |
Quebec office | [email protected] |
This late filing fee does not extend to the supervision of newly approved Investment Representatives under clause 2602(3)(vii) or Registered Representatives under clause 2602(3)(a).
Dealers must designate an individual as their Chief Financial Officer (CFO) and as their Chief Compliance Officer (CCO) as set out in sections 2505 and 2506, respectively. Subsections 2505(5) and 2506(6) impose a late filing fee on Dealers who fail to have a qualified CFO and/or CCO within 90 days of the cessation date of the previous CFO/CCO. In accordance with subsections 2505(5) and 2506(6), the Dealer must pay the applicable late filing fee outlined below:
The application for the CFO and/or CCO approval must be filed electronically via the NRD and include successful completion of the required examinations. For the CFO, this includes the Partners, Directors and Seniors Officers Course (PDO) and the Chief Financial Officers Qualifying Examination. 2 For the CCO, this includes the PDO and the Chief Compliance Officers Qualifying Examination.3
IIROC Rules this Guidance Note relates to:
This Guidance Note replaces GN-2500-21-005 – Late Filing Fees.
This Guidance Note was published under Notice 22-0150.