With implementation proving more technically complex than initially expected, the Investment Industry Regulatory Organization of Canada (IIROC) is delaying the introduction of client identifier requirements to next year.
In a notice, IIROC announced that the deadline for its project to require client identifiers on orders sent to marketplaces will now be July 26, 2021.
Originally, the requirements were to be phased in, from October this year to April of next year.
IIROC said its work to develop implementation requirements, as well as further industry consultation, has revealed that the implementation for listed securities “is more complex than originally anticipated and carries a high degree of implementation risk related to systems changes.”
It pledged to provide dealers with the ability to send orders that include the new identifiers as of April 5, 2021, so that dealers can test their systems for several months ahead of the new implementation deadline.
Additionally, IIROC said it has established a section on its website that’s devoted to the implementation project, and that it will hold an industry workshop to help dealers comply with the new requirements.