What is the purpose of IIROC?

The Investment Industry Regulatory Organization of Canada (IIROC) is an organization charged with overseeing investment dealers, brokers, and trading activity in debt and equity markets in Canada. The organization has a mandate to protect investors and is granted various powers toward that end.

Is IIROC a government agency?

Unlike the securities commissions, the MFDA and IIROC are not government agencies. They operate under the authority and supervision of the securities commissions.

What are IIROC rules?

The IIROC Rules provide a clear, organized and modernized rewrite of IIROC’s existing Dealer Member Rules in plain language, and incorporate the Consolidated Rules and Continuing Education Rules. The IIROC Rules will become effective on December 31, 2021.

How do I get IIROC certified?

In order to apply to IIROC, an individual must be sponsored by an IIROC-regulated Dealer Member. Dealer Members are encouraged to conduct due diligence on applicants, including by requesting a copy of their registration file from IIROC.

What is the difference between MFDA and IIROC?

IIROC comments that, “the current SRO model denies many firms the ability to give Canadians efficient access to the advice, products and services they want, need and deserve”, while the MFDA concludes that the model is “unnecessarily burdensome, costly, inefficient and susceptible to risk”.

What is an IIROC license?

IIROC is the regulatory body for all securities firms in Canada. It sets the proficiency requirements for individuals who sell securities such as stocks, bonds, mutual funds, options and/or futures.

How is IIROC funded?

How is IIROC funded? IIROC operates on a cost-recovery basis, charging its dealer members an annual fee based on the firm’s capital, number of investment advisors, trading activity and revenues.

What is an IIROC member firm?

IIROC oversees the registration of firms and individuals who provide advice and conduct securities trading in Canada. These firms must register as Dealer Members. In addition, any Canadian marketplace for equity and debt trading activity must also become a Marketplace Member.

What minimum time period do dealer members have to retain all written correspondence with clients?

SEA Rule 17a-4(b)(4) requires that a broker-dealer retain originals of all communications received and copies of all communications sent by the broker-dealer relating to its “business as such” for at least three years, the first two years in an easily accessible place.

How hard is WME?

The WME® Case Study Exam is very challenging. Passing the Case Study exam requires you to master the material in the course! 1. The SeeWhy Learning practice case study exams are designed to help you “apply” all of that knowledge (i.e. practice writing case study exams).

What does MFDA stand for?

Mutual Fund Dealers Association (MFDA)

How do I become a mutual fund dealer?

A business must apply to become a Member of the MFDA and at the same time, it must apply to the securities regulatory authority in every jurisdiction in which it intends to operate to become registered as a mutual fund dealer. Please review the MFDA Application Form for MFDA application requirements.

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