The board of directors of the Investment Dealers Association has approved amendments to various financial reporting obligations, including the elimination of the Quarterly Operations Questionnaire.

The amendments are effective with the filing of the June 30 monthly financial report. The objective of the amendments is to reduce firms’ regulatory reporting burden without compromising the IDA’s regulatory responsibility.

In June 1997, the IDA reviewed the regulatory reports, including the supplemental schedules, filed by members. The review identified reports that were out-of-date and no longer useful in evaluating how firms manage their operations and control their risks. Consequently, a number of statements, schedules and reports were amended.

Although the quarterly report has now been eliminated, a few questions from it were still relevant and have therefore been incorporated into the other reports. The questions pertain to: the number of trades executed, policies and procedures relating to security counts and disclosure of insurance coverage.