On March 30, IIROC released a set of amendments intended to account for rule provisions that have not otherwise been accounted for in its proposed plain language rewrite project. The "clean-up" amendments result from a review by IIROC staff that determined, among other things, that definitions originally included the "Interpretation and principles" section of the rules were better suited in other places and that some provisions had been inadvertently missed.
While most are not considered substantive, some of the amendments have been characterized as such, namely those that would (i) repeal the provision that allows a dealer to distribute its securities through a transaction such as a take-over bid or amalgamation that will create a trading market in the securities under certain circumstances; (ii) repeal the provision requiring dealers to fulfill their contractual obligations and report other dealers who do not fulfill their contractual obligations; and (iii) repeal the rule relating to the amount of commission that may be charged by a dealer in connection with the exercise of rights to subscribe for shares.
For more information, see IIROC Notice 12-0111.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
