Time Periods and Supporting Documentation for ComSet Filings

In the table below, we lay out the reporting time frame and supporting documentation for matters IIROC Dealer Members must report to us through ComSet.

While every effort has been made to ensure the completeness and accuracy of this information, this table is not an official version. Please refer to MR0162 – Policy 8 – Information Regarding Reporting for the official version of the reporting time frames, to section 3703 of the IIROC Rules for the official version of the requirements and to Notice 11-0142 for the official version of the supporting documentation.

Reportable Matters

Description of Reportable Matters

Reporting time frame

Supporting Documentation1

Client complaints
(clause 3703(2)(i))

any client complaint (other than a service complaint2 ) against:

  • Dealer Member, or
  • any current or former Approved Person.

20 business days

  • A copy of the complaint letter and any attached documents
  • For verbal complaints, a copy of the complaint recipient’s notes of the conversation
  • A copy of the NCAF(s) for the relevant time period for all accounts being complained about
  • A copy of the substantive response letter to the complainant upon conclusion of the ComSet event3

Internal investigation commencement
(clause 3703(2)(ii))

whenever a Dealer Member commences an internal investigation in accordance with section 3706.

5 business days

  • A detailed summary of the matter giving rise to the investigation and the steps taken to date

Internal investigation results
(clause 3703(2)(iii))

the results of an internal investigation which was reporting to IIROC under clause 3703(2)(ii).

5 business days

  • A copy of the investigation report/summary4

Legal or disciplinary actions, or denial of registration or license
(clause 3703(2)(iv))

actions the Dealer Member, or a current or former Approved Person, is subject to or involving:5

  • a criminal offence,

5 business days

  • A copy of any public court records or documents related to the charge if available at the time of the ComSet filing
  • contraventions of securities laws,

5 business days

  • A copy of the notice and/or relevant documents
  • contraventions of a regulatory organization or professional body’s requirements or policies,

5 business days

  • A copy of the notice and/or relevant documents
  • denial of registration or license by a regulatory organization or professional body, or

5 business days

  • A copy of the notification of denial
  • a civil claim or arbitration involving any matter related to:
    • securities,
    • clients,
    • legislation, rules, regulations, or policies concerning securities, exchange contracts or financial services of any securities or financial services regulatory or self-regulatory organization in any jurisdiction.

5 business days

  • A copy of the civil claim
  • A copy of the NCAF(s) for the relevant time period for any accounts referred to in the claim

Resolutions of legal or disciplinary actions
(clause 3703(2)(v))

the resolution of any legal or disciplinary actions reported under clause 3703(2)(iv).

5 business days

  • Any relevant documentation relating to or evidencing the resolution

Internal disciplinary actions
(clause 3703(2)(vi))

internal disciplinary actions by a Dealer Member against an Approved Person resulting from:

  • a client complaint (other than a service complaint),
  • a securities-related civil claim or arbitration notice,
  • an internal investigation,
  • a Dealer Member initiated disciplinary action imposing suspension, termination, demotion, or trading restrictions on the Approved Person,
  • a Dealer Member initiated disciplinary action (not involving a criminal offence or a contravention of securities laws or a regulatory organization or professional body’s requirements or policies) which results in a penalty:
    • over $5,000 for a single occurrence,
    • over $15,000 in total in a calendar year, or
    • imposed three times or more in a calendar year.

5 business days

  • A copy of the summary/report and the disciplinary letter/notification to the registrant
  • 1Information Dealer Members should attach to a ComSet event to permit IIROC to conduct more timely and efficient reviews of ComSet filings and to reduce subsequent requests for information.
  • 2A service complaint by a client is one that is related to service issues and is not the subject of any domestic or foreign securities laws.
  • 3These documents are to be attached upon conclusion of the ComSet event.
  • 4These documents are to be attached upon conclusion of the ComSet event.
  • 5This reporting requirement applies with regards to the reportable events to which the Approved Person is subject in any jurisdiction inside or outside of Canada, while employed by the Dealer Member or concerning matters that occurred while employed by the Dealer Member.