IIROC publishes consolidated enforcement rules for comment

Strengthening overall enforcement process and standards

TORONTO, Nov. 14, 2013 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) today re-issued for comment proposed amendments to consolidate IIROC dealer and market enforcement-related rules.

The proposed new and amended requirements will:

• replace the two current enforcement rule sets, found in IIROC's Dealer Member Rules and Universal Market Integrity Rules (UMIR), with one consolidated enforcement rule set;
• clarify current rules relating to compliance examinations; and
• update rules relating to registration approvals and reviews.

"In undertaking this important rule consolidation initiative, our goal was to streamline, enhance and safeguard the integrity of IIROC's enforcement, examination and registration processes," said Paul Riccardi, Senior Vice-President, Enforcement, Member Policy and Registration.  "A single consolidated set of rules will provide all stakeholders with greater clarity and transparency and ensure consistency in the application of these processes."

IIROC is also proposing the creation of a new committee which will be responsible for nominating public members of Hearing Committees in each of IIROC's 10 districts.

IIROC published a previous version of these proposals to consolidate certain enforcement, procedural, examination and approval rules in March 2012 and received a number of comment letters from various stakeholders.  After an extensive review of the submissions, IIROC made a number of changes to address the comments received and is republishing for another 90-day comment period.

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IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive 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 equity marketplaces.

SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - General News