The CSA is withdrawing the best execution disclosure rules proposed in May 2014 in light of amendments to IIROC’s best execution rules which were approved on June 28, 2017. The 2014 proposed amendments to National Instrument 23-101 Trading Rules would have mandated specific dealer disclosure relating to best execution policies. At the time of the proposal, IIROC’s best execution rules did not apply to IIROC dealer members that were not IIROC participants (under the Universal Market Integrity Rules) and the rules did not require participants to disclose best execution policies. The recently approved amendments to IIROC’s best execution rules make the best execution requirements applicable to all IIROC dealer members and impose new disclosure requirements which are substantially similar to those originally proposed by the CSA.
For further information, please see CSA Staff Notice 23-318 Withdrawal of Proposed Amendments Regarding Best Execution Disclosure Under National Instrument 23-101 Trading Rules (July 6, 2017).