1. I have questions on how to file my MFR on SIRFF. Who do I contact?
SIRFF queries should be directed to the SIRFF Administrator Tracey Nattrass by telephone at 416-643-7100 or by e-mail at firstname.lastname@example.org
2. I forgot my SIRFF password. What do I do?
If you are the Firm CFO, e-mail a request to reset your password to the SIRFF Administrator, Tracey Nattrass at email@example.com
. The email must include your SIRFF Login Name. If you are not the Firm CFO, contact your CFO as they may add, delete and modify user accounts within their firm profile.
3. How does CIPF inform members of the quarterly assessment amount members must pay to CIPF?
CIPF notifies each member CFO by e-mail when the CIPF quarterly assessment amount is available on SIRFF. The CFO can then log into SIRFF and view the assessment reports that detail the quarterly assessment calculation. The assessment is to be paid to IIROC with filing of the March, June, September and December Monthly Financial Reports (MFR).
CIPF Disclosure Policy - Effective January 1, 2017
4. What is the relationship between the IIROC rules on CIPF disclosure and the new CIPF Disclosure Policy?
Until January 1, 2017, CIPF relies on IIROC to enforce the CIPF membership disclosure requirements through Rule 29.14. As of January 1, 2017, the sections of Rule 29.14 relating to CIPF disclosure will be repealed. A new Rule 29.28 will refer members to the new CIPF Disclosure Policy for information regarding compliance with CIPF membership disclosure requirements.
5. What does the Disclosure Policy mean when it says that “communication about CIPF Coverage must be done in the same language as other communication from the member to the client”?
This means that the member must communicate about CIPF in the language that it usually uses in its dealings with client(s). For example, if the member usually communicates to the client in French, then communication about CIPF Coverage must be done in French.
6. Can a CIPF member, who enters into an agreement with a portfolio manager (PM) to provide custodial services to the PM and its clients, provide the PM’s contact information on its account statements?
PM contact information may be included in an account statement. However, members must comply with the General Principles of the CIPF Disclosure Policy (effective January 1, 2017) in their communications with clients, including account statements, which prohibit members from making any false, misleading or deceptive statements about the purpose of, or protection provided by, CIPF.
For example, CIPF does not cover losses arising from the insolvency of a PM. CIPF members should not make any statements that suggest or imply that CIPF coverage applies to losses arising from the insolvency of a PM. CIPF coverage applies only if the investment dealer becomes insolvent, not the PM.
7. What does the Disclosure Policy mean when it says “any material created by the Member for broad distributions must be approved by CIPF in advance”?
CIPF Official Brochures
This means that the following materials must be approved by CIPF before distribution. Materials that:
- were not created by CIPF
- contain references to CIPF other than the CIPF Membership Symbol and CIPF Explanatory Statement, and
- will be broadly distributed.
We would be happy to work with you regarding any material that you wish to distribute that contains information about CIPF beyond the CIPF Symbol and Explanatory Statement. Please contact us at firstname.lastname@example.org for approval.
Please note that CIPF takes the position that a website is “material created for broad distribution”. Please refer to FAQ No. 12.
8. How do I order an electronic CIPF brochure?
CIPF brochures are printed exclusively for CIPF members and can be ordered directly from CIPF’s designated printer using the order form located here. The printer will provide a secure PDF to the member for electronic distribution.
9. Can a member’s trade name or division name be imprinted on the CIPF Official Brochure?
No. Only the legal name that is registered at IIROC can be imprinted on the CIPF brochure.
10. Are trade names or divisions of members required to distribute the CIPF Official Brochure?
No. Trade names or divisions of members are not obligated to distribute the CIPF brochure to clients under the CIPF Disclosure Policy. If the member’s trade name or division distributes a CIPF brochure, that brochure must be imprinted with the name of the legal entity that is the IIROC member.
11. I have a large inventory of the previous CIPF brochure remaining. Can I still distribute them?
Yes. Members may continue to use their existing inventory of CIPF brochures (dated June 2014) until June 30, 2017. After June 30, 2017, members must distribute the CIPF brochure dated December 2016.
12. Is a website considered to be “material created for broad distribution”?
Yes. CIPF takes the position that a website is “material created for broad distribution” under section 8(a) of the CIPF Disclosure Policy effective January 1, 2017. As a result, any explanations about CIPF and its protection to clients (other than the approved CIPF Explanatory Statement) must be approved by CIPF in advance.
Exemptions are possible and we would be happy to work with you regarding any additional material that you wish to add to your website beyond the CIPF symbol and explanatory statement. Please contact us at email@example.com for approval.
13. Can a member’s trade name or division name display the CIPF logo on its website?
CIPF Official Symbol
Only the legal name that is registered at IIROC can use the CIPF logo on their website
For example, the wealth management division of a combined financial institution group website is not permitted to have the CIPF logo on its website – only the investment dealer arm of the group that is registered with IIROC may display the CIPF logo.
14. How can I obtain a higher quality version of the CIPF logo?
The Chief Financial Officer or Chief Compliance Officer that is registered with IIROC should email us at firstname.lastname@example.org to request the file, or be copied on the email request.
Please specify the desired format (i.e., eps, jpeg or gif), and language (i.e., English, French, bilingual) in your request.
15. Where can I find information on the required format, colour, and size of the CIPF Official Symbol?
The CIPF Supplemental Guide to the CIPF Disclosure Policy effective January 1, 2017 available here specifies the format, colour and size requirements for the CIPF Official Symbol.