The Investment Industry Regulatory Organization of Canada has received approval from the Canadian Securities Administrators to implement its final set of CRM amendments. To date, these will be phased in on July 15, 2015 and July 15, 2016.
The approved changes relate to new requirements to report account fees and charges, along with account performance. They are generally consistent with the CSA’s CRM2 amendments (click here for more details).
As part of its consultations, IIROC received requests to defer the final implementation dates to January 1, 2016 and January 1, 2017, respectively. IIROC, together with the CSA, are considering this request and will issue a separate notice when a decision is made.
Further, IIROC recently compiled and issued a list of FAQs to address common CRM2 implementation questions. The document will be updated and reissued on a periodic basis to assist dealers and advisors IIROC is also developing guidance to clarify both new and amended rule requirements that related to account relationship disclosure, as well as KYC and suitability assessment obligations.
For more, read these related documents:
- Rules Notice: Client Relationship Model – CRM1 Implementation
- Rules Notice: Client Relationship Model – CRM1 Guidance
- Rules Notice: Client Relationship Model – 2014 CRM2 – Implementation
- Rules Notice: Client Relationship Model – 2015 and 2016 CRM2 – Republication
- Rules Notice: Client Relationship Model – 2015 and 2016 CRM2 – Implementation
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