Proposed Amendments Respecting Client Delivery Obligations

The Canadian Investment Regulatory Organization (CIRO) is proposing amendments to the Investment Dealer Partially Consolidated (IDPC) Rules that would require applicable investment dealers to:

• establish, maintain and apply policies and procedures that are reasonably designed to detect and address failures to deliver by a client following the sale of a listed security on a marketplace, where the security is neither held by or under the control of the investment dealer
• commence action to address the failure to deliver no later than five business days following settlement date where the failure relates to a short sale of a listed security on a marketplace (Proposed Amendments).