23 August 2019 11:30
Photo : Freepik
Thecanadian Agency of regulation of the securities trade (IIROC) has published its new dealer member Rules in plain language, as well as other revisions of forms, and amendments to its obligations in respect of identification and verification of customers.
“Despite the many changes that have been made over the years, there was a need to restructure and rewrite all of the dealer member Rules and standardize the style and wording, for they are easier to see and interpret,” wrote the organization.
“An important step”
“The transformation of the rules is to IIROC an important step that will allow companies and consultants to better understand and enforce our rules,” says Irene Winel, first vice-president to the regulation of members and policies of IIROC. By removing provisions that are obsolete, redundant, or unnecessary, and by outlining our expectations and goals, we have reduced the uncertainty and the regulatory burden for companies, which should help to meet regulations. “
Approved by the canadian securities administrators (CSA), the rules of the clear language of the IIROC, which govern the activities of investment businesses, will come into force on June 1, 2020.
In a statement, IIROC indicates that the existing rules were originally the rules of the Association of securities dealers which it had adopted during the creation of IIROC in 2008.