Canada’s securities regulators are reminding firms of their document delivery requirements in the shadow of a looming nationwide postal strike or lockout.
Canada Post said early Tuesday it has issued a 72-hour lockout notice to the Canadian Union of Postal Workers (CUPW), raising the spectre of a work stoppage by Friday.
While many clients now receive documents electronically, “dealer members should take alternative steps for those documents normally delivered by post as IIROC rules do not provide exemptions to the various document delivery requirements,” the Investment Industry Organization of Canada (IIROC) says in a notice published last week.
IIROC recommends firms advise clients there could be a delay receiving documents by mail and discuss alternate arrangements with the client if they require the document urgently.
“Electronic delivery is the most efficient method of delivering documents,” in the event of a postal strike or lockout, IIROC adds, although firms may use courier services instead of mail delivery.
Separately, the Canadian Securities Administrators recommends: “All stakeholders required to deliver materials to one of its members, as well as deliver documents to security holders, contact their local securities regulator or visit their local regulator’s website for guidance regarding prescribed delivery obligations.”
With a file from the Canadian Press
Photo copyright: alexeyboldin/123RF