IIROC publishes new plain language rules
The Investment Industry Regulatory Organization of Canada (IIROC) announced today that it has rewritten its existing Dealer Member Rules (DMRs). IIROC published its new, plain language Dealer Member Rules this morning, along with other form revisions and amendments to its client identification and verification requirements.
“The transformation of the Rule Book is a major step forward for IIROC, enabling greater understanding and application of our rules by firms and advisors,” says Irene Winel, IIROC’s senior vice president of member regulation and strategy. “Cleaning up unnecessary, duplicate and obsolete requirements, and more clearly outlining our expectations and objectives should help firms with compliance,” she adds.
Approved by the Canadian Securities Administrators (CSA), the plain language IIROC rules which govern investment firm’s activities, are effective as of June 1, 2020.
In a statement released today, IIROC says the existing rules were originally Investment Dealer Association rules which it adopted when IIROC formed in 2008. Although many amendments have been made over the years, it says a comprehensive reorganization and re-write of the DMRs was needed to make the rules simpler to navigate and interpret.