October 3 2019 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) today welcomed the Canadian Securities Administrators’ (CSA) adoption of reforms to enhance the client-registrant relationship, and is working toward ensuring a uniform approach in IIROC's requirements.
IIROC has worked collaboratively with the CSA in developing these Client Focused Reforms in order to better align the interests of investment firms, advisors and representatives with the interests of their clients, improve outcomes for clients and make clearer to clients the nature and the terms of their relationships with registered advisors.
IIROC appreciates the opportunity to participate in this important initiative with the CSA. We share a commitment to requiring all registrants to promote the best interests of clients and put clients’ interests first. As a pan-Canadian public-interest regulator, IIROC believes that the proper management of conflicts of interest is critical to improving public confidence in our capital markets and financial system – and to overall investor protection. The provisions set out in today’s reforms set out the fundamental obligations of registrants toward their clients, forming an essential pillar of the regulatory framework that protects Canadian investors.
Amendments to IIROC rules and guidance will ensure alignment with the Client Focused Reforms without creating unnecessary duplication or regulatory burden. IIROC plans to have its' amendments in force to meet the CSA's phased transition period.
IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian 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 debt and equity marketplaces.