Firms registered as investment dealers that are members of the Investment Industry Regulatory Organization of Canada (IIROC) and their representatives (Approved Persons) will not be as affected as other registrants by National Instrument 31-103, given the scope of regulation by IIROC. IIROC members have been exempted from some of the rules set out in National Instrument 31-103, in recognition that IIROC regulates the area and IIROC members must comply with IIROC rules. In other cases, even where National Instrument 31-103 applies to IIROC members, the rules are more broadly written and largely consistent with IIROC regulation, so that National Instrument 31-103 does not impose any greater requirements than what is currently required under IIROC regulation.

type Investment Management Advisory - August 2009 - What's New? National Instrument 31-103: Investment Dealers IIROC Members