The Investment Dealers Association has announced that its members will be required to make their first report of possible dealings with terrorists by October 26.

IDA dealer firms will be required to file reports under the United Nations Suppression of Terrorism regulations. Under the regulations any property held either directly or indirectly on behalf of a suspected terrorist must be held and frozen.

Members must promptly report to both the RCMP and Canadian Security and Intelligence Service any property held for any suspected terrorist and any details about actual or proposed transactions concerning that property.

Members must also review their records on a continuing basis for any dealings with suspected terrorists and report their findings on a monthly basis to the IDA, which is acting on behalf of the Canadian Securities Administrators for filings from IDA members.

The first report is required by October 26, with subsequent reports to be provided on the 15th day of each month thereafter. The reports must be signed by the Ultimate Designated Person or an Alternate Designated Person.

So far, OSFI, FSCO and the BCSC have established October 19 as the first filing date for the firms under their jurisdictions.

IDA members that are subsidiaries of federally or provincially regulated financial institutions may have that same information filed on a consolidated basis by their parent company. However, the member is still required to file with the IDA with regard to holdings or lack thereof at the firm.