IIROC heeds comment letters, announces do-over

By Staff | November 15, 2013 | Last updated on November 15, 2013
1 min read

The Investment Industry Regulatory Organization of Canada (IIROC) today re-issued for comment proposed amendments to consolidate IIROC dealer and market enforcement-related rules.

Read: IIROC proposes revised sanction guidelines

The proposed new and amended requirements will:

  • replace the two current enforcement rule sets, found in IIROC’s Dealer Member Rules and Universal Market Integrity Rules (UMIR), with one consolidated enforcement rule set;
  • clarify current rules relating to compliance examinations; and
  • update rules relating to registration approvals and reviews.

“In undertaking this important rule consolidation initiative, our goal was to streamline, enhance and safeguard the integrity of IIROC’s enforcement, examination and registration processes,” said Paul Riccardi, senior vice president of Enforcement, Member Policy and Registration. “A single consolidated set of rules will provide all stakeholders with greater clarity and transparency and ensure consistency in the application of these processes.”

Read: IIROC approves RGMP-Macquarie deal

IIROC is also proposing the creation of a new committee which will be responsible for nominating public members of Hearing Committees in each of IIROC’s 10 districts.

IIROC published a previous version of these proposals to consolidate certain enforcement, procedural, examination and approval rules in March 2012 and received a number of comment letters from various stakeholders. After an extensive review of the submissions, IIROC made a number of changes to address the comments received and is republishing for another 90-day comment period.

Read: IIROC proposes stricter oversight of order execution service accounts

Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.