IIROC adopts enhanced client reporting requirements

30 mai 2014

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The Investment Industry Regulatory Organization of Canada yesterday announced the adoption of amendments to its Dealer Member Rules, part of phase 2 of the Client Relationship Model Project, intended to harmonize its rules with enhanced CSA client reporting requirements adopted last year. Among other things, the amendments will require that retail customers be informed of all fees and charges associated with client instructions to purchase or sell a security before the purchase or sale takes place. An initial version of the amendments was published late last year, and the final amendments will be fully implemented by July 15, 2014.

The CSA, meanwhile, have announced the issuance of parallel orders in jurisdictions that will provide IIROC member firms with relief from the related requirements found in NI 31-103 for those firms that comply with the corresponding IIROC requirements. All CSA members except for Quebec have issued similar parallel orders for MFDA member firms.

For more information, see CSA Staff Notice 31-339 and IIROC Notice 14-0133.

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