On May 22, 2009, the Investment Industry Regulatory Organization of Canada (IIROC) released proposed amendments to Dealer Member Rule 1300.1, regarding the trading in securities of U.S. over-the-counter (OTC) issuers. Under the proposed amendments, Dealer Members would not be permitted to accept an order to sell OTC issuer securities until the dealer had "made the inquiries necessary to form a reasonable belief" that it knew the "true identity of every beneficial owner of those securities". In cases where the beneficial owner is not a natural person, the dealer would have to form a reasonable belief as to the identity of every natural person who controls the beneficial owner. Exemptions to this requirement would be permitted for American Depository Receipts and for any OTC securities for which the issuer has a class of securities listed or quoted on the TSX, TSXV, CNQ, NYSE, AMEX or NASDAQ and under certain circumstances, isolated trades.

The intention of the amendments is to "discourage abusive and illegal OTC market activity", which the notice stated has been a "source of scandal". IIROC cited the actions taken in British Columbia to prevent such abuse and the need to prevent such behaviour moving elsewhere within Canada. Comments on the proposed amendments are being accepted until July 21, 2009.