The Ontario Securities Commission has approved a series of proposed amendments to the rules of the Investment Dealers Association, it reports in today’s bulletin.

The OSC approved proposed amendments to IDA by-laws regarding branch managers of branches that only have non-retail accounts. The objective of the proposed amendments is to allow an IDA member to appoint branch managers who do not meet the proficiency requirements designed for retail account supervision to branches that have no retail sales activities, provided they meet other specified proficiency requirements.

The proposed amendments were published for comment on October 29, 2004, and no public comments were received. Immaterial changes have been made to the proposed amendments as a result of comments from the regulators, it notes. The changes include an explicit requirement for managers of non-retail branches to complete the Canadian Securities Course and reflect proficiency requirements in current IDA rules for other supervisory activities.

The OSC also approved certain amendments to IDA regulations which clarify that IDA member are exempt from suitability obligations when executing a trade on the instructions of another member, a portfolio manager, investment counsel, limited market dealer, bank, trust company or insurer.

Finally, the commission also approved amendments to an IDA policy concerning debt market trading. The amendments clarify the expected standards of compliance for IDA members dealing in the fixed income markets and the types of fixed income market activities deemed to be improper. The amendments were published for comment on July 15, 2005. Some immaterial changes have been made to the amendments since they were originally published, it notes.