The Investment Industry Regulatory Organization of Canada (IIROC) has granted an investment dealer an exemption from the client account statements requirement.

In a notice published Monday, IIROC details the terms of an exemption that was granted earlier this year by its board.

The decision exempts the unnamed firm from the requirements to deliver account statements to two “institutional customer” clients that are affiliates of the dealer on the basis that they already have access to this information without receiving typical statements from the firm.

“By virtue of their relationship, the [affiliate clients] have access to all the information required under the client account statements requirement through a shared electronic enterprise information system with the [dealer],” the IIROC notice says. “On the basis of this close relationship and the [clients’] access to timely information,” the board granted the exemption, subject to certain conditions.

The conditions include: the affected clients continue to have “unrestricted access to up-to-date information;” and the firm can generate their account statements upon request.