IIROC proposes amendments to membership disclosure rules

Increasing investor awareness

TORONTO, Nov. 5, 2015 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) today re-published for comment proposed amendments to the requirements for IIROC Dealer Members to disclose that they are regulated by IIROC.

The revised disclosure rules, as set out in the proposed IIROC Membership Disclosure Policy, are designed to inform the investing public which investment firms and individuals are regulated by IIROC and the requirements and regulations to which they must adhere.  Investment firms on the IIROC platform must meet capital requirements and ensure that their staff comply with stringent business and trading conduct rules, as well as meeting high proficiency and continuing education requirements. 

"As a public interest regulator, IIROC believes it is important that investors know whether the firm or advisor they are dealing with is regulated, who regulates them and what professional standards are required," said Wendy Rudd, IIROC Senior Vice President, Member Regulation and Strategic Initiatives.

Today's publication responds to comments received by IIROC following earlier requests for comment on proposed rule revisions, and includes changes to previously proposed amendments.  

The new proposal would require Dealer Members to:

  • Distribute the IIROC official brochure "Why IIROC Matters to You, the Investor" to new retail clients, with the flexibility to distribute the brochure in either print or electronic format.
  • Include the IIROC logo on all client account statements.
  • Link to the IIROC AdvisorReport on their website homepage and on any other IIROC Dealer Member webpage that includes a profile of an IIROC-regulated investment advisor. IIROC's AdvisorReport is a searchable database that allows investors to learn more about advisors working at IIROC-regulated firms, including their background, qualifications and disciplinary history.

The proposal is open for comments for 30 days from today's publication. Following approval of the final amendments, members will have a six-month transition period to implement the changes with the exception of the requirement to include the IIROC logo on client account statements. This requirement would be phased-in over a two-year period to enable firms to implement the changes in a cost-effective manner.


IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive 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.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

For further information: Karen Archer, Manager, Media Relations, 416 865-3046, karcher@iiroc.ca; Paul Howard, Director, Communications & Public Affairs, 416 646-7279, phoward@iiroc.ca


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