COVID-19: Investment fund industry updates (July 9, 2020)
IIROC Extends COVID-19 Related Relief
On March 26, 2020, the Investment Industry regulatory Organization of Canada (IIROC) Board of Directors (the Board) approved the offering of exemptive relief in a number of areas relating to hardships Dealer Members were experiencing in complying with certain IIROC Dealer Member Rules as a result of the their preparation for, or in response to, the effects of the COVID-19 pandemic. At that time, the Board also approved the delegation of limited discretion to certain IIROC senior staff to assess and decide upon each firm exemption application.
Since IIROC staff continue to receive relief applications, the Board has approved an extension of staff’s authority to provide relief until October 1, 2020. The Board has also authorized staff to renew existing exemptions for an additional renewal period of up to three months.
‘Return to Work’ Planning Resources for Members
As the COVID-19 situation improves, many businesses are preparing to return to working in their offices. Firms should first develop a Return to Work Plan that addresses the safety of their staff and clients, while ensuring continued compliance with all provincial regulatory and employment requirements. The plan also must address the unique aspects of each business and be adaptable should the situation change.
Smaller businesses often do not have ready access to human resources or risk management expertise for this planning. IFIC has listed some resources below to assist these firms in planning their transition back to the office: