While most of the exemptive relief was granted to individuals in
respect of IIROC proficiency requirements (436 exemptions), 120
exemptions were also granted from specified provisions of the
Universal Market Integrity Rules (UMIR) and 47 exemptions were
granted in respect of the Dealer Member Rules.
The exemptions from the UMIR provisions included 84 exemptions
in response to requests by Participants to act as principal or
agent in off-marketplace trades. While the UMIR generally require
all trades to be made on a marketplace, there are enumerated
exceptions and the ability to seek regulatory exemptions outside of
those enumerated circumstances. According to the report, such
regulatory exemptions were granted in the following categories:
trades of securities subject to a hold period under securities
trades by participants taking on a significant block at a
discount to the prevailing market price with the intention of
immediately attempting to distribute the securities;
the purchase of securities under the private agreement
exemption from the take-over bid rules;
sales from control block shareholders;
trades made pursuant to exempt issuer bids;
trades of securities subject to a non-regulatory trading halt;
trades in an illiquid security at a nominal value where there
was no current bid for the security.
The UMIR exemptions also included 36 exemptions in relation to
the UMIR definition of "Basis Order" where a Participant
sought to execute a trade in an exempt ETF as a Basis Order at a
price derived from the execution of the underlying securities of
Relief from the Dealer Member Rules provisions included 38
exemptions related to the current margin requirements applicable to
certain cash and security borrowing and lending arrangements, two
exemptions related to cross-guarantee provisions and seven
exemptions related to bulk account transfers. The report notes at
page 8 that 449 applications for an exemption from the IIROC
proficiency requirements were made in 2014 and approval for the
exemption was granted in 436 cases.
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.
While most are well aware that the sale of a business is generally a complex process, even sophisticated business owners are surprised by just how much cost and effort is required to complete the sale.
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