CANADA: IIROC Proposes Rule Amendments to Better Protect Canadian Investors

Monday January 17 2022

On 13^th January 2022, the Investment Industry Regulatory Organization of Canada (IIROC) announced proposed amendments to rule requirements for reporting, internal investigations, and client complaints to better protect Canadian investors.

The proposed amendments aim to make the rules clearer and more consistent with existing regulatory expectations, create a more seamless reporting process, and enhance complaint requirements. Throughout this process, IIROC has incorporated industry best practices.  

Highlights of Proposed Amendments 

For Investors 

• To enhance communications with investors, written responses to complaints will prioritize accessibility and plain language and be in languages other than English and French when needed. 

For Dealers 

• Dealers will have clearer requirements to report and conduct internal investigations on any activity which could harm a client or the capital markets, including privacy breaches, significant non-compliance with any IIROC requirements, and any client complaint involving serious misconduct related to the client’s account. 
• Dealers can no longer use the word “ombudsman” or similar qualifiers for their internal dispute resolution service. 

Click on the above link for further information