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The Investment Industry Regulatory Organization of Canada's (IIROC's)new Consolidated Rules, approved earlier this year by the Canadian Securities Administrators, will take effectSeptember 1, 2016.
The new Consolidated Rules, which combine and replace various provisions of IIROC's Dealer Member Rules and Universal Market Integrity Rules (UMIR), include:
- a single set of rules for all enforcement proceedings;
- a consolidated standard of conduct;
- clarification of current rules relating to compliance examinations; and
- updated rules relating to registration approvals and reviews including the authority to impose terms and conditions on Dealer Members to ensure continuing compliance with IIROC requirements.
"Having and using robust and appropriate enforcement tools will strengthen our ability to protect investors," said IIROC President and CEO Andrew Kriegler. "These new Consolidated Rules will provide all stakeholders with greater clarity and consistency in the application of IIROC's enforcement, examination and registration processes."
The Consolidated Rules relating to standards of conduct will apply only to conduct that takes place on or after September 1, 2016. Disciplinary proceedings that begin on or after September 1, 2016 will be governed by the new procedures contained in the Consolidated Rules. Any hearings or examinations that began before that date will continue under the previous procedural rules.
IIROC has developed a dedicated webpage so Dealer Members can quickly access the new Consolidated Rules and procedural forms.
IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.
