TORONTO, Nov. 13, 2014 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) today re-published for comment proposed amendments to the requirements for Dealer Members to disclose their membership in IIROC.
As set out in the IIROC Membership Disclosure Policy, these disclosure requirements are designed to increase the public's awareness of IIROC's ongoing oversight of Dealer Members.
Today's publication responds to comments received by IIROC following an earlier request for comments on proposed rule revisions. The revised policy would make it mandatory for Dealer Members to:
- display the IIROC logo at their business locations to which the public has access;
- include the IIROC logo on the home page of their websites; and
- distribute the IIROC official account opening brochure to new clients.
The proposal also reflects a change from the original amendment, eliminating the proposed rule amendment that would have required Dealer Members to include the IIROC logo on all client account statements and client trade confirmations.
"It is important for investors to know whether the firm or advisor they are dealing with is regulated and by whom. Our revised proposal balances the need for investors to have this key information, while doing so in a cost-effective manner for IIROC-regulated firms," said IIROC Senior Vice President of Member Regulation Paul Riccardi.
The proposal will be open for comments for 60 days from today's publication. Dealer Members will have a six-month transition period to implement the changes following approval of the final amendments.
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