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REQUEST FOR COMMENT

INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC)

NOTICE OF PROPOSED CLIENT FOCUSED REFORMS RULE AMENDMENTS FOR PUBLIC COMMENT

 

IIROC is publishing for public comment proposed rule amendments to make IIROC requirements uniform in all material respects with 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 . A copy of the IIROC Notice of Request For Comment, including text of the proposed rule amendments for public comment, is published on our website at http://www.osc.gov.on.ca. The comment period ends on January 18, 2021.

IIROC has also made housekeeping rule amendments 2 to conform IIROC’s rules to the CSA CFRs. The housekeeping rule amendments have been 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 CFRs3 . The Notice of Commission Deemed Approval and a copy of IIROC Notice of Approval/Implementation for the housekeeping rule amendments, including text of the housekeeping rule amendments, are also published on our website at http://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 Under IIROC’s Joint Rule Review Protocol with the CSA, housekeeping rule changes are not published for comment, and will be effective on the date designated by IIROC in its filing. Housekeeping rule changes have no material impact on investors, issuers, members, registrants or the capital markets in any province or territory of Canada and, among others, are necessary to conform to applicable securities legislation.
3 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.