Earlier this week, the Investment Industry Regulatory Organization of
Canada (IIROC) released proposed amendments to UMIR and its
Dealer Member Rules intended to ensure that similar activity that
occurs through different forms of third-party electronic access is
subject to the same degree of supervision and regulatory oversight.
The proposals specifically focus on order execution services
(OES), being one of the ways of providing direct electronic access,
which also include direct electronic access and routing
Among other things, the proposals would (i) require that client
IDs be assigned to any OES client that meets certain activity
thresholds; (ii) introduce a definition of Manipulative and
Deceptive Activities that would clarify dealers' supervision
requirements for retail and institutional customer accounts; and
(iii) introduce into the Dealer Member Rules a requirement for
an OES dealer to consider the inherent risks of third-party
electronic order entry and identify and address such risks in its
policies and procedures. IIROC also published proposed guidance setting out expectations in
regards to the proposed supervision requirements.
we discussed a few months ago, the CSA's requirements in
regards to the provision of direct electronic access are set to
come into force on March 1, 2014. IIROC's proposals, which set
out a number of specific questions for stakeholders to consider,
are open for comment until January 14, 2014. For more information,
see IIROC Notice 13-0255 and IIROC Notice 13-0256.
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.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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