IIAC LETTER TO IIROC REGARDING PROPOSED REGULATORY CHANGES RESULTING FROM THE COVID-19 EXPERIENCE
The COVID-19 pandemic required the industry and the regulators to quickly adapt to unprecedented circumstances, resulting in significant changes in firms’ operations, and necessitating regulatory flexibility to permit these adaptations. The required operational changes occasioned by the COVID-19 pandemic have revealed areas where a combination of technology and robust compliance processes have increased flexibility and efficiency, benefitting firms and their clients.
As such, the IIAC has written to IIROC, identifying areas where temporary exemptions granted pursuant to the pandemic should be extended or made permanent. Areas relating to supervision, staffing and business locations should be targeted for change to accommodate the shift in operations. Most notably, as work-from-home arrangements are expected to become much more commonplace, it is important that the expectations about when such arrangements constitute the establishment of a business location, and the implications of such, be as clear as possible while maintaining appropriate flexibility to accommodate a variety of situations.
If you have any questions, please contact Susan Copland.