Specifically, the proposal would require that dealers providing
order execution service (OES) include a client ID on each
ordered entered for or on behalf of any client that traded on a
marketplace for which IIROC was the regulation services
provider and: (i) whose trading activity exceeded a daily
average of 500 orders per trading day in any calendar month; (ii)
that was not an individual and was registered as a dealer or
adviser under applicable securities legislation; or (iii) that
was not an individual and was in the business of trading securities
in a foreign jurisdiction in a manner analogous to a dealer or
The OES dealer would be required to provide each client
ID and the name of the client associated with it to IIROC.
Participants providing execution services for OES dealers
would also have to ensure that each order sent to a marketplace
included the client ID on each order.
Under the proposed amendments, a definition of
"Manipulative and Deceptive Activities" consistent with
the definition found in UMIR would also be added to the Dealer
Member Rules to ensure clarity, and OES dealers would be
required to consider the heightened risks associated with the
entry of orders that are not directly handled by staff of the
dealer. Related guidance was also published.
IIROC is accepting comments on the proposed amendments
until June 23, 2014, and intends to implement the amendments
on the later of 180 days following the publication of the notice of
approval of the amendments and March 1, 2015. For more information,
see IIROC Notice 14-0101.
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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