Investor Alert:
CIRO is issuing a warning to Canadian investors regarding Canada Token Trade.
On April 18, 2019, we published final amendments to the Universal Market Integrity Rules and Dealer Member Rules (Amendments1 ) that require Dealer Members to include client identifiers and/or certain designations on reportable debt transactions and orders in listed securities that are sent to a marketplace. Phase 1 of the Amendments for reportable debt transactions came into effect on October 18, 2019.
The new implementation date for phases 2 and 3 of the Amendments is July 26, 2021.
In IIROC Notice 19-0071, we originally outlined an implementation schedule for listed securities in two phases to be effective on October 19, 2020 and April 19, 2021.
Since the approval of the Amendments, we have been developing the implementation requirements, including the technical requirements, with the assistance of our Client Identifiers Implementation Committee. Through this work, and along with other industry consultation, we became aware that the implementation for listed securities is more complex than originally anticipated and carries a high degree of implementation risk related to systems changes. These challenges and risks relate to:
To address these challenges and risks we are:
The following requirements will become effective on July 26, 2021:
To further mitigate the risks of this implementation, we:
Given the identified implementation complexity and risks, we strongly encourage each Dealer Member to:
For more information, please contact:
Theodora Lam
Senior Policy Counsel
Market Regulation Policy
Tel: 416-646-7280
Email: [email protected]