When IIROC identifies the need for new or revised regulation, the Policy Department begins by researching the issue and benchmarking regulatory approaches to the issue in other jurisdictions. Policy staff may consult with other IIROC staff and one or more IIROC advisory committees in connection with the preparation of a rule proposal.
A draft of the proposed rule is written and must then undergo a formal review and approval process. It must be reviewed and approved by the IIROC Board of Directors and, in most cases, is then made available online for public comment for a period of at least 30 days (often 60-90). All of the comments we receive are posted on our website for public viewing.
If material revisions to a rule proposal are made, further consultation may occur, such as with one or more advisory committees. The proposal must then be approved by the Canadian Securities Administrators before taking effect.