The merger of the Investment Dealers Association of Canada and Market Regulation Services Inc. will soon create the Investment Industry Regulatory Organization of Canada Inc.

The IDA has issued a notice indicating that the merger will soon be complete, and it outlines how current IDA members and reps will become members of the IIROC.

Current IDA members will be subject to an abbreviated membership application process intended to ensure IIROC jurisdiction over its dealer members. Early in April, the IDA will send each firm an abbreviated application form. The completed applications will be submitted to the board of directors of IIROC for acceptance.

Reps will automatically be subject to IIROC’s jurisdiction as of the date of the merger, when their dealer becomes a member of IIROC.

The IDA notice adds that reps will also be advised of a planned Web-based enquiry system through which the public will be able to obtain background information about reps.

The IIROC’s jurisdiction over dealers and reps will cover activities under IDA jurisdiction prior to the combination. The IDA will remain in existence to initiate or complete investigatory and enforcement proceedings relating to the conduct prior to the effective date of the merger. The IDA will be wound up when its board is satisfied that all disciplinary matters requiring its continued existence have been dealt with.