On October 17, 2019, IIROC published for public comment proposed amendments to IIROC Rule 9500 (Notice 19-0181) to eliminate restrictions on information we can receive from our approved ombudsman service, the Ombudsman for Banking Services and Investments (OBSI) (the Proposed Amendments).
The Proposed Amendments would also have aligned our requirements with those of other Canadian securities regulatory authorities and eliminated inconsistency between the IIROC Rules and the OBSI Terms of Reference.
Most commenters were generally supportive of the Proposed Amendments but some required more detail regarding:
- what specific information we would be requesting from OBSI, and
- how we would use the information obtained from OBSI.
As highlighted in our most recent Policy Priorities Update Report, dated April 6, 2021, IIROC Staff is currently developing comprehensive amendments respecting reporting, internal investigation and client complaint requirements. As a result, we decided to withdraw the Proposed Amendments, and include them as part of the upcoming proposed amendments respecting reporting, internal investigation and client complaint requirements. As part of that project, we will consider the comments received on the Proposed Amendments.
We have informed the Canadian Securities Administrators that we have withdrawn the Proposed Amendments.
Questions may be referred to:
Director, Member Regulation Policy
Investment Industry Regulatory Organization of Canada
Suite 601, 525 Viger Avenue West
Montreal, Quebec, H2Z 0B2
Email: [email protected]