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IIROC Grants Fidelity Crypto Asset Trading Insurance and Custody Exemptions
IIROC | Nov 17, 2021
On August 13, 2021, the IIROC Board of Directors granted the following exemptions to Fidelity Clearing Canada (FCC), related to FCC’s intention to transact in crypto assets:
- An exemption to obtain Financial Institution Bond (FIB) insurance coverage, pursuant to Dealer Member Rule sections 17.5, 400.2, 400.3, 400.3B, 400.4, 400.5 and 400.6 (Insurance Exemption)
- An exemption to provide capital for crypto asset positions held at FCC’s custodian Fidelity Digital Asset Services, LLC (FDAS), pursuant to Line 20 of Statement B of Dealer Member Rule Form 1 (Custody Exemption).
Insurance Exemption
The IIROC Board of Directors granted an exemption from the general requirement to maintain adequate insurance in Dealer Member Rule section 17.5 and from the specific requirements in Dealer Member Rule sections 400.2, 400.3, 400.3B, 400.4, 400.5 and 400.6, and any successor IIROC requirements, to maintain sufficient FIB insurance coverage for all dealer business lines.
See:
Fidelity bites on bitcoin
Fidelity-backed crypto security startup Fireblocks launches ‘Secure Asset Transfer Network’
Custody Exemption
The IIROC Board of Directors also granted an exemption from the requirement for a Dealer Member to deduct 100% of the market value of the securities held in custody at a non-acceptable securities location in the calculation of risk adjusted capital as collectively set out in Line 20 of Statement B of Form 1 and the “Capital Requirements” paragraph (ii) of the related Notes and Instructions, and any successor IIROC requirements.
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