From the Regulators

Nomination will be considered in March

By James Langton |

The Investment Industry Regulatory Organization of Canada (IIROC) is seeking possible candidates for a seat on the board of the Canadian Depository for Securities Limited (CDS), according to a notice published on Monday.

The self-regulatory organization (SRO) is entitled to nominate one director to the board of CDS, the central depository, clearing and settlement organization.

IIROC's board will choose the director, who will serve a term of up to three years, with the possibility of re-appointment to a maximum of six years.

In particular, the SRO is seeking applications from individuals having "significant expertise in issues related to clearing and settlement", who work at dealers that participate in CDS, but are not affiliated with a bank, and that engage in significant trading, clearing and settlement activity involving securities listed on a venture exchange in Canada.

IIROC is seeking applications by Jan. 29, and the nomination will be considered by the SRO's board in March, IIROC says.