IIROC adopts new rule to clarify prohibition on personal financial dealings with clients and conduct of outside business activities

June 14, 2013

IIROC announced yesterday that it is adopting a new rule to clarify that approved persons and dealers are generally prohibited from engaging in personal financial dealings with clients. IIROC is also codifying its previous position regarding the need for registered representatives and investment representatives to disclose to, and seek approval from, their dealers in order to engage in outside business activities. Guidance on outside business interests was also published. IIROC first proposed the amendments in May 2010. Draft guidance on outside business activities, meanwhile, was first published in May 2011.

The rule amendments take force on December 13, 2013. For more information, see IIROC Rules Notices 13-0162 and 13-1063.

DISCLAIMER: This publication is intended to convey general information about legal issues and developments as of the indicated date. It does not constitute legal advice and must not be treated or relied on as such. Please read our full disclaimer at www.stikeman.com/legal-notice.