Regulators adopt changes to CRM2 project

January 23, 2015

Earlier this week, the Investment Industry Regulatory Organization of Canada announced that Phase 2 of its Client Relationship Model amendments (CRM2) have been approved by the applicable securities regulatory authorities and will come into force over the course of the next two years.

Specifically, the amendments to IIROC's Dealer Member Rules, which were most recently published for comment in September 2014 introduce requirements with respect to (i) enhanced trade confirmation and account statement reporting; (ii) quarterly reporting on certain off-book client holdings; (iii) annual account performance reporting; and (iv) annual charge reporting. The changes come into force on July 15, 2015 and July 15, 2016. 

As we discussed in a post last year, components of CRM2 dealing with, among other things, pre-trade disclosure of charges came into force on July 15, 2014. 

For more information, see IIROC Notice 15-0013.

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