Canada’s IIROC issues guidance on fully paid lending programs

This Notice provides guidance to Dealer Members (Dealers) on IIROC’s expectations for implementing a fully-paid securities lending program (FPL program).

IIROC initially published this guidance in 2019 with the expectation that we would have rules in place for FPL programs by the end of 2022. IIROC has been monitoring the evolution of the FPL programs and has determined more data is needed to develop appropriate rules. Currently, five Dealers have been granted approval to introduce FPL programs. For most of these Dealers, their programs are in the development or infancy stages where the number of clients enrolled in the program is minimal.

IIROC will continue to monitor how the FPL programs operate and evolve. We expect to have rules in place for FPL Programs in 2024 before the expiry of the exemptive relief orders provided to Dealers in the program. In the meantime, IIROC is re-publishing the guidance on its expectations for implementing a FPL program.

The guidance is available at

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