Best execution requirements proposed to be amended by IIROC

On December 10, 2015, the Investment Industry Regulatory Organization of Canada (IIROC) published proposed amendments to the Universal Market Integrity Rules and the Dealer Member Rules for comment.  The proposed amendments would consolidate the best execution requirements for fair pricing of over-the-counter securities into a single dealer member rule dealing with best execution.  According to IIROC, the updates are intended to assist dealer members in complying with their best execution obligations in a multi-marketplace environment.  The result would be a best execution obligation that is more consistent with the Canadian securities regulators’ definition of “best execution” and that is focused on evaluating compliance on the basis of policies and procedures.

IIROC will be accepting comments on the proposed amendments until March 24, 2016.  For further information, please consult IIROC Notice 15-0277 Proposed Provisions Respecting Best Execution.

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