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Amid a review of complaint-handling requirements and internal investigations, the Investment Industry Regulatory Organization of Canada (IIROC) is scrapping proposed rule changes that would expand reporting from the Ombudsman for Banking Services and Investments (OBSI).

In a notice, the self-regulatory organization (SRO) said that it’s withdrawing a set of proposed amendments that would have eliminated restrictions on the information that it receives from OBSI.

IIROC said that while most of the feedback that it received on the proposals was “generally supportive,” commenters also wanted more detail on the specific sort of information that the SRO would be requesting from OBSI, and how that information would be used.

Instead of pursuing the changes as stand-alone amendments, IIROC said that it will include them as part of another ongoing project to develop “comprehensive amendments respecting reporting, internal investigation and client complaint requirements.”

The SRO will consider the comments received on the proposals regarding OBSI as part of that new project, which will introduce a principles-based reporting requirement that “focuses on harm to clients and the capital markets,” it said.

The project will also make reporting requirements clearer, and better align reporting requirements and complaint requirements.

That new proposal is expected to be published in the summer.