Dealers will have an extra 60 days to get their paperwork with direct access clients into compliance with new rules governing direct electronic access.

The Investment Industry Regulatory Organization of Canada (IIROC) says it is willing to provide firms with added time to bring their existing agreements that govern direct access, or routing arrangements, in line with new rules that took effect earlier this year; mandating that these deals include certain provisions. Firms had to abide by these new requirements as of March 1 for new clients, but have until September 1 to bring their existing agreements into line.

In a notice published Wednesday, IIROC indicates that it recently received a letter from the Investment Industry Association of Canada (IIAC) asking for a little more time to complete the necessary work because meeting the Sept. 1 deadline will be “challenging”. IIROC has agreed to grant the extra time, which will give firms until October 30.

Firms that want to request an extension must do so in writing, telling the regulator how many pre-existing agreements will not be compliant with the requirements by September 1; detailing the steps it has taken to meet the deadline; and, spelling out the additional steps it will take to ensure that all pre-existing agreements are compliant by October 30.