- A Dealer Member must obtain approval from the applicable District Council before allowing public ownership of the Dealer Member’s securities or of its holding company’s securities.
- When a District Council considers an application for approval:
- the Dealer Member must satisfy the District Council that it complies with, and will continue to meet, IIROC requirements,
- the District Council may require the Dealer Member to provide a legal opinion and any other information the District Council considers necessary, and
- the District Council may impose conditions on and require undertakings from any person it considers necessary to provide reasonable assurance of continuing compliance with IIROC requirements.
Regardless of its own governing corporate statute, a
- Dealer Member, or
- holding company of a Dealer Member,
that is a reporting issuer or equivalent in any Canadian jurisdiction must set up and maintain an audit committee as the Canada Business Corporations Act requires.
- A District Council may exempt a Dealer Member or its holding company from subsection 2110(3).
- A District Council may delegate its authority under this section to a subcommittee of the District Council or to IIROC staff.