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The Investment Industry Regulatory Organization of Canada (IIROC) has issued redrafted guidance that reflects its upcoming new plain language rules.

The revisions are the first in a series of rewrites that the self-regulatory organization (SRO) is producing in an effort to standardize, reorganize and update its guidance while recasting it in plain language.

The revisions also detail new registration requirements and move certain requirements from IIROC’s rules to its guidance.

The SRO is also adopting a new numbering system for its guidance to improve clarity.

“The purpose of the guidance review project is to ensure all current IIROC guidance is consistent with the IIROC rules, which will be effective June 1, 2020,” the SRO said in a notice.

The initial revisions cover account supervision, research disclosures, standards for sharing premises and books and records requirements, along with registration changes.

The other guidance revisions will be published before the new plain language rules take effect, IIROC said.