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IIROC defers collection of its fees for small and medium-size dealer firms

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IIROC announced this week that it is deferring collection of its fees for small and medium-size IIROC dealer member firms in light of the COVID-19 situation. The deferral will benefit almost 90% of all IIROC dealers, but will only apply as follows:

  • Small firms that only pay an annual fee of $22,500 (approximately 70 firms): these firms will be allowed to pay the fee in two equal installments of $11,250, due by the first business day of October 2020 and January 2021, respectively.
  • Medium-size firms that pay annual fees between $22,500 and $500,000 (approximately 80 firms): these firms will be allowed to pay the first $22,500 of their annual fee following the same deferred schedule available to small firms, but will be required to pay any fees in excess of $22,500 following the schedule that would have normally applied to them.
     
  • Large firms that pay annual fees of $500,000 or more (approximately 20 firms): no deferrals are made available to these firms.

IIROC also announced that it is eliminating for this fiscal year the high-risk premiums payable by individual firms requiring relatively more monitoring. IIROC says that this adjustment is appropriate because IIROC has significantly increased its monitoring of all dealer members.

IIROC expects to set fee levels for fiscal year 2021 in late June 2020 and will communicate them by early July 2020.

As we discussed in our recent article, IIROC previously announced a number of other measures to address the COVID-19 situation, including suspending late filing fees and offering time-limited exemptive relief in a number of areas to dealer members who are experiencing difficulties in complying with certain IIROC dealer member rules.

By Cristian O. Blidariu, Sean D. Sadler and Rene Sorell

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McCarthy Tétrault LLP

McCarthy Tétrault is a Canadian law firm that delivers integrated business law, litigation services, tax law, real property law, labour and employment law nationally and globally.McCarthy publishes a series of blogs to share information with companies to help them comply and manage their businesses. On the Inside Internal Controls blog we will share some of those blog posts sharing their expertise among others, in the areas of Competition/Anti-trust, Corporate and Commercial Law, Intellectual Property, Privacy, Environmental Law, Technology and Litigation. Read more here
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