MICC update on Iranian files

As previously announced, we were expecting this week for MICC to take its official position related to the Economic Sanctions imposed on Iran.

Yesterday, we were advised by MICC, that they will not be able to make an official decision before the holidays, and that they have taken precautionary measures not to cash application fees and not to process investor files from Iran, received after November 21, 2011, until further notice.

In order to be ready when the official decision will be made, we can accept and review files, provided they are complete and Broker Declarations can be signed and submit them on your behalf, only after MICC has made an official announcement and provided it allows such files to be processed. Furthermore, we advise you to pay application fees by Credit Card, as it will only be charged when the application is submitted.

In the meantime we will continue our lobbying actions to aim for a fair outcome to this situation affecting the Iranian community in Canada.

We are following the matter closely and will inform you as soon as new developments arise. Announcement is expected after the holidays.