The Investment Dealers Association announced that its board of directors has approved amendments to its policies for IDA firms trading in wholesale domestic debt markets and retail debt market trading and supervision.

The amendments, drafted in consultation with the Bank of Canada and the Department of Finance, reorganize the policy to make it consistent with other regulations and policies. The amendments also delineate specific types of debt market activity that are improper, to assist members in designing supervision and compliance systems to prevent or detect improper activity.

The amendments are effective May 15, however firms have until September 1 to identify and implement certain changes required by the amendments to the wholesale market policy, and until November 1 to implement certain changes dealing with the retail market.

IDA members are not required to file their policies, procedures or changes for pre-approval; but they will be reviewed in the course of subsequent sales compliance reviews.