The IDA has issued a regulatory update, setting out a long list of rule changes in various stages of approval.

The IDA is also working on three new rules. Rules are being drafted to deal with U.S. citizens bringing over-the-counter bulletin board securities to Canada, depositing them with an IDA firm and subsequently trading the securities to create the appearance of volume.

The association is currently reviewing the Inter Dealer Bond Brokers rules to ensure that there are no provisions that would favour either inter-dealer bond brokers or the alternative trading systems from a competitive perspective. In particular, the IDA will be reviewing and changing restrictions as to who
can be customers of inter-dealer bond brokers.

The IDA will also be drafting a by-law relating to the supervision of electronic correspondence. As electronic correspondence is increasingly being used in the industry, rules need to be implemented, it says.