Proposed Amendments respecting Reporting, Internal Investigation and Client Complaint Requirements

Date opened: January 13, 2022

Date closed: April 14, 2022

Status: Closed


IIROC is proposing amendments (Proposed Amendments) to our:

  • reporting and internal investigation requirements in Parts A and B of Rule 3700 (ComSet Reporting Requirements),
  • client complaint handling requirements in Parts D and E of Rule 3700 (Complaint Requirements), and
  • gatekeeper obligations of directors, officers and employees of Participants in UMIR Rule 10.16 (Gatekeeper Obligations).

The Proposed Amendments:

  • make our ComSet Reporting Requirements and Complaint Requirements clearer and more consistent with existing regulatory expectations,
  • reduce duplicative reporting to IIROC by eliminating overlapping ComSet Reporting Requirements and Gatekeeper Obligations, and
  • enhance our Complaint Requirements by codifying client complaint handling best practices.  

We are also republishing for comment proposed amendments to Rule 9500 (Proposed Rule 9500 Amendments) to eliminate restrictions on information IIROC can receive from its approved ombudsman service, the Ombudsman for Banking Services and Investments (OBSI). We originally published the Proposed Rule 9500 Amendments in Notice 19-0181.

Notices about this consultation:

MFDA and IIROC have consolidated

As of January 1, 2023 the MFDA and IIROC have come together as New Self-Regulatory Organization of Canada (New SRO).

New SRO has assumed the regulatory responsibilities of the MFDA and IIROC.

We have set up an interim website for updates and information related to the New SRO including:

  • Executive Management
  • Governance
  • New SRO Rules
  • Member Application
  • Investor Office and the Investor Advisory Panel
  • Information concerning mutual fund dealers registered in Québec
  • Complaints
  • Careers

Enforcement proceedings, membership lists, continuing education, investor education resources and any other information not set out above continue to reside on and