Canada’s securities regulators have approved an amendment to the Universal Market Integrity Rules (UMIR) in order to accommodate principal-agent relationships.

The Ontario Securities Commission reports that it has approved amendments to the UMIR to provide a definition of “employee”. The Alberta Securities Commission, the British Columbia Securities Commission, the Manitoba Securities Commission and the Commission des valeurs mobilieres du Quebec have also approved the amendment.

The amendment ensures that various UMIR provisions would be applicable to persons who have entered into a principal/agent relationship. The change relates to the introduction of a by-law of the Investment Dealers Association of Canada that permits dealers to enter into a principal/agent relationship.