Become a licensed investment advisor or investment representative assist in meeting iiroc s proficiency requirements for licensing. The new implementation date will be december 31, 2021 or as otherwise determined by iiroc. As a result, the proposed housekeeping amendments are deemed to be approved and will be effective on june 1, 2020. The ontario securities commission has approved iiroc s proposed dealer member plain language rule book the plr rule book.
Iiroc sets out 2020 compliance priorities for dealers. Readers should refer to the table of concordance which maps each plain language iiroc rule to the corresponding current rule and identifies the changes, if any, made to the current rule. Iiroc initiated a project in 2009 to rewrite, reformat, rationalize, and reorganize its dealer member rules in plain language. Iiroc extends implementation of its plain language rulebook. On march 9, 2017, the investment industry regulatory organization of canada iiroc published iiroc notice 170054 republication of proposed iiroc dealer member plain language rule book the notice, which republished for comment, the proposed dealer member plain language rule book the proposed dmpl rule book. In light of the covid19 pandemic, the investment industry regulatory organization of canada iiroc has announced that it is delaying the implementation of its dealer member plain language rule book and various related rules until december 31, 2021. The initial revisions cover account supervision, research disclosures, standards for sharing premises and books and records requirements, along with registration changes. Iiac letter to irs re responsible officer certification requirements pdf march 16, 2018. Republication of proposed iiroc dealer member plain language rule book.
The other guidance revisions will be published before the new plain language rules take effect, iiroc said. New plain language rules the canadian securities administrators approved iiroc s plain language rule book in august 2019, with formal implementation scheduled for june 1, 2020. On march 9, 2017, the investment industry regulatory organization of canada iiroc published iiroc notice 170054 republication of proposed iiroc dealer member plain language rule book the notice, which republished for comment, the proposed dealer member plain language rule book the proposed dmpl rule book the beginnings of the proposed dmpl rule book. Additional supporting resources such as various forms, regulatory documents and agreements are also included in the links below. Iiroc updating guidance alongside rules investment executive. The investment industry regulatory organization of canada published for a 120day comment period its proposed plain language rule book for iiroc dealer members on march 10, 2016. The ontario securities commission did not object to the classification of iiroc s proposed housekeeping amendments to form 1 for consistency with the iiroc plain language dealer member rules rule book. Fair canada recommends that any proposed changes regarding oeo firms, including the scope and content of an account appropriateness requirement, be deferred until such time potential changes in light of csa consultation 81408, and the oscs pending. Upon csa approval, iiroc will implement the plain language rule book and related training for dealers and staff. Iiroc will modernize how it supervises its members, and will modernize the supervisory requirements for members with respect to their registrants and their activities. On july 6, 2017, iiroc published for comment iiroc notice 1709 proposed amendments to client identification and verification requirements. Iiroc is republishing for comment its proposed plain language rule book.
Rules investment industry regulatory organization of canada. Iiroc will extend its implementation dates for its plain language rulebook iiroc rules to december 31, 2021. Iiroc published its new, plain language dealer member rules this morning, along with other form revisions and amendments to its client identification and verification requirements. In light of the covid19 pandemic, the investment industry regulatory organization of canada iiroc has announced that it is delaying the implementation of its dealer member plain language rule. The canadian securities administrators csa approved amendments to the dealer member rules and the iiroc dealer member plain language rule book the amendments, which result in an obligation for iiroc dealer members dealer members to submit two specific reports to iiroc after a cybersecurity incident. For further information, please see iiroc notice 160052. The sros plain language rule book project plr project aims to rewrite, reformat, rationalize and reorganize its dealer member rules in plain language.
Csa has approved its plain language rulebook, which will replace its existing dealer rules on june 1, 2020. Under the rule book, iiroc is expanding its recognition of the cfa program for individual proficiency requirements, which will benefit charterholders and candidates as they pursue their careers. Request for comment the proposed iiroc dealer member. Iiroc proposes additional changes to the dealer member.
In november 2019, the investment industry regulatory organization of canada iiroc announced amendments to its dealer member rules and iiroc dealer member plain language rule book to require that dealers report any cybersecurity incidents to iiroc within three days of discovery. We initially drafted and published for comment the plr project in a number of discrete tranches the. Mandatory cybersecurity incident reporting for iiroc. Iiroc published the amendments for comment on february 15, 2018 and did not receive any public comment. Please note that the repealed current rule column in the plain language iiroc rulebook will be removed prior to final publication. Cfa institute today announced that it has been granted new recognition from the investment industry regulatory organization of canada iiroc under the individual proficiency requirements of the dealer member plain language rule book rule book. Iiroc proposed amendments to client id and verification. Comments on the proposed plain language rule book are due on july 8, 2016. New iiroc rulebook approved for june 2020 investment. Cfa institute gains additional iiroc recognition wealth. This update notice relates to the following notices of commission approval or deemed approval. Terms that are used only in a single rule are defined in that rule.
The ontario securities commission has approved iirocs proposed amendments to form 1 respecting defined terms for consistency with the dealer member plain language rule book the amendments. Iiroc dealer member plain language rule book published for. According to iiroc, it is intended that the plain language rule book will be combined with the universal market integrity rules to create a consolidated iiroc rule book. Iiroc delays implementation of plain language rule book. Iiac submission to iiroc on proposed dealer member plain language rule book proposed amendments pdf march 5, 2018. Iiac submission to iiroc re proficiency requirements for research supervision pdf march 16, 2018. Fair canada has provided its comments to iiroc notice 180014 regarding its plain language rules plrs.
On march 9, 2017, the investment industry regulatory organization of canada iiroc published iiroc notice 170054 republication of proposed iiroc dealer member plain language rule book the. Rule book investment industry regulatory organization of. The investment industry regulatory organization of canada iiroc on thursday published the full version of its proposed plain language rule book for public comment. Iiroc adopts rules regarding mandatory reporting of. Previous rule proposed plain language rule continuing. The cfa institute has arrived at an important milestone with new recognition granted by the investment industry regulatory organization of canada iiroc the cfa program, globally renowned as a premier credential among investment management professionals, has been included among the individual proficiency requirements of the dealer member plain language rule book. The new rules introduce both material and nonmaterial changes to the dmrs, including changes to registration requirements, such as the reintroduction of the categories of. Iiroc publishes new plain language rules insurance portal.
On june 1, 2020, iirocs plain language rule book new rules will come into effect with a few exceptions, and the existing iiroc dealer member rules dmrs will be repealed. For more detail, please see guidance note 260020001. The plain language rule book is intended to be a clearer, more streamlined version of its existing dealer member rules. Dealer members approved persons or employees to ensure they comply. Update notice revised implementation date of the iiroc. Iiroc issues 2020 compliance report helping firms with. Until the implementation date, the existing dmrs will continue to apply.
Implementation had previously been scheduled for june 1, 2020. Passing the level i cfa exam or higher is an alternative to the canadian securities course for building knowledge while. Iiroc has undertaken a project to rewrite, reformat, rationalize, and reorganize our dealer member rules dmr. Notice of commission approval dealer member plain language rule book, dated august 22, 2019. Effective 1 june 2020, under the individual proficiency requirements of the iiroc dealer member plain language rule book rule book. The transformation of the rule book is a major step forward for iiroc, enabling greater understanding and application of our rules by firms and advisors, said irene winel, senior. Iiroc issues revised guidance to reflect new plain. The project to rewrite and rationalize the rulebook began back in 2010 with the publication of various tranches of the rules in plain language. Under the amendments, a cybersecurity incident is defined to include any act to. Additional terms are set out in iiroc general bylaw no. Upon implementation, we will refer to the plr rule book as the iiroc rules. Iiroc originally published for comment in a number of discrete tranches.
Iirocs plain language rule book republished for comment. Revised implementation date of the iiroc dealer member plain language rule book and update on the client focused reforms 42020 list of foreign exchange fx spot risk margin rates for canadian and u. The iiroc rules provide a clear, organized and modernized rewrite of iiroc. Cfa institute receives new recognition from iiroc for. Finalize plain language rule book plr and repeal, revise or issue new guidance as appropriate to align with it. The iiroc rule book is made up of dealer member rules. The investment industry regulatory organization of canada iiroc announced today that it has rewritten its existing dealer member rules dmrs.
1349 65 1166 837 735 1232 81 32 1051 1090 74 1060 390 581 1268 811 336 175 1338 685 815 903 739 1512 646 322 544 959 1215 760 139 1420 1424 915 1480 598