(January 4 – 15:05 ET) The Canadian Venture Exchange (CDNX) has transferred its member regulation functions to the Investment Dealers Association of Canada.
The IDA has taken responsibility for financial compliance, sales compliance, enforcement and registration for the firms that were formerly in the CDNX audit jurisdiction. CDNX has retained responsibility for approving trader access to TradeCDNX, and for regulation of trading in securities listed on CDNX. CDNX will also establish a trade desk and corporate finance due diligence review process.
The IDA has assumed responsibility for the 24 firms that were in the CDNX audit jurisdiction – six of which were not IDA Members. The firms requiring IDA Member status will go through a simplified membership process. With the completion of this arrangement, the IDA has 166 firms in its primary audit jurisdiction, representing over 97 percent of the capital and revenue in the industry.
-IE Staff