(September 22 – 13:15 ET) – The Investment Dealers Association of Canada has introduced a binding Arbitration Program for clients of IDA member firms in Manitoba, Saskatchewan and Alberta.
Under the new program, introduced voluntarily by the IDA, a client of an IDA Member firm can opt to resolve a dispute through an arbitration process. While the program is optional for clients, participation is mandatory for member firms of the IDA.
The British Columbia International Commercial Arbitration Centre (BCICAC), a national alternative dispute resolution organization, has been selected to administer and deliver the arbitration services for IDA Member firm clients who are resident in Manitoba, Saskatchewan and Alberta. BCICAC will conduct proceedings independently of the IDA.
The program will cover investors’ disputes regarding securities-related transactions occurring on or after July 1, 1999, to a maximum of $100,000.
The IDA’s first arbitration program was introduced in British Columbia in 1993 on a pilot basis with the British Columbia International Commercial Arbitration Centre. In 1996, the program was launched in Quebec through the Quebec National and International Commercial Arbitration Centre. Binding arbitration was introduced in Ontario on January 1, 1999, administered by ADR Chambers.
-IE Staff
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