Industry

NOTICE OF COMMISSION DEEMED APPROVAL

INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC)

HOUSEKEEPING AMENDMENTS RESPECTING CLIENT FOCUSED REFORMS

 

The Ontario Securities Commission did not object to the classification of IIROC’s proposed housekeeping amendments to conform IIROC’s rules to the reforms to enhance the client-registrant relationship (Client Focused Reforms or CFRs) made to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) by the Canadian Securities Administrators (CSA CFRs)1 . As a result, the proposed housekeeping amendments are deemed to be approved and will be in effect on a date to be determined by IIROC which will align with the implementation dates of the CSA CFRs 2.

In addition, the Alberta Securities Commission, the Autorité des marchés financiers, the British Columbia Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Financial and Consumer Services Commission of New Brunswick, the Manitoba Securities Commission, the Northwest Territories Office of the Superintendent of Securities, the Nova Scotia Securities Commission, the Nunavut Securities Office, the Office of the Superintendent of Securities, Service Newfoundland and Labrador, the Office of the Yukon Superintendent of Securities, and the Prince Edward Island Office of the Superintendent of Securities did not object to the housekeeping amendments.

A copy of the IIROC Notice of Approval/Implementation, including text of the approved amendments, can be found at www.osc.gov.on.ca.



 
1 See CSA Notice entitled “Notice of Amendments to NI 31-103 and Companion Policy 31-103CP: Reforms to Enhance the Client-Registrant Relationships (Client Focused Reforms)”, dated October 3, 2019 and the CSA Relief Orders extending the effective dates of the CSA CFRs relating to conflicts of interest and relationship disclosure provisions, dated April 16, 2020.
2 The CSA CFRs relating to conflicts of interest will take effect on June 30, 2021 and the remaining reforms will take effect on December 31, 2021.