Upon final csa and board approval of the proposals, the proposed plain language rules 2355, 2356 and 2357 rules 2355, 2356 and 2357 will be revised to reflect the proposals. Iiroc dealer margin rules released in plain language. Visit the full notice of implementation for additional details, including a table of concordance, which maps existing dmrs to iiroc rules and also outlines those changes that were substantive. Iiroc published its new, plain language dealer member rules this morning, along with other form revisions and amendments to its client identification and verification requirements. Iirocs plain language rule book republished for comment.
The proposed iiroc dealer member plain language rule book iiroc is republishing for public comment the proposed iiroc dealer member plain language rule book the proposed plr rule book, with the primary objective to rewrite, reformat, rationalize, and reorganize its dealer member rules in plain language the plr project. For more detail, please see guidance note 260020001. Iiroc to require dealers to report cyber breaches advisors. The investment industry regulatory organization of canada published for a 120day comment period its proposed plain language rule book for iiroc dealer members on march 10, 2016. Apr 06, 2017 on march 9, 2017, the investment industry regulatory organization of canada iiroc published iiroc notice 170054 republication of proposed iiroc dealer member plain language rule book the. Sros, marketplaces, clearing agencies and trade repositories. As part of a project to rewrite iiroc rules in plain language, the following rules are repealed and replaced.
The iiroc rules provide a clear, organized and modernized rewrite of iiroc s existing. New iiroc rulebook gets csa stamp of approval advisors edge. Iiac submission to iiroc re proficiency requirements for research supervision pdf march 16, 2018. Iiroc grants cfa institute new recognition for professional.
Approved by the canadian securities administrators, the iiroc rules will govern the activities of. Iiroc dealer member plain language rule book implementation. On march 9, 2017, the investment industry regulatory organization of canada iiroc published iiroc notice 170054 republication of proposed iiroc dealer member plain language rule book the notice, which republished for comment, the proposed dealer member plain language rule book the proposed dmpl rule book. Iiroc proposed amendments to client id and verification. Mar 11, 2016 iiroc is republishing for comment its proposed plain language rule book. On june 1, 2020, iiroc s plain language rule book new rules will come into effect with a few exceptions, and the existing iiroc dealer member rules dmrs will be repealed. Dealer member plain language rule book ontario securities. Dec 18, 2019 the canadian securities administrators csa approved amendments to the dealer member rules and the iiroc dealer member plain language rule book the amendments, which result in an obligation for iiroc dealer members dealer members to submit two specific reports to iiroc after a cybersecurity incident.
In addition to the plain language rewrite of the existing requirements, a new provision has been added to specifically set out the steps a dealer must take in deciding whether to allow a client to trade on margin, and a provision has been added to require that a dealer obtain a margin ruling from iiroc staff when the margin treatment for a particular investment product is not specified within. The new rules introduce both material and nonmaterial changes to the dmrs, including changes to registration requirements, such as the re. Implementation date of the iiroc dealer member plain language rule book and. The ontario securities commission did not object to the classification of iirocs proposed housekeeping amendments to form 1 for consistency with the iiroc plain language dealer member rules rule book.
We continue to focus on and take action against dealers that fail to address significant. Securities regulator modernizes rules to improve investment. By transforming iiroc s rule book, weve enabled greater understanding and application of our rules for investment firms and their advisors, says elsa renzella, iiroc s senior vicepresident. Request for comment iiroc the proposed iiroc dealer.
Under the amendments, a cybersecurity incident is defined to include any act to gain unauthorized access to. Iiroc notice 170223 rules notice notice of approvalimplementation implementation of rule 2650 continuing education requirements for approved persons 7. Aug 25, 2019 august 22, 2019 toronto, ontario the investment industry regulatory organization of canada iiroc today published its dealer member modernizes rules in plain language iiroc rules, providing a clear, organized and modernized rewrite of iirocs existing dealer member rules dmrs. The plain language rule book is intended to be a clearer, more streamlined version of its existing dealer member rules. Fair canada is pleased to offer comments in response to iiroc s consultation on those sections of the plain language rule plr book with material changes since the last publication of proposed amendments to the plr in march 2017, as set out in iiroc notice 180014 dated january 18, 2018 together with its appendices, referred to herein.
Cfa institute announced that it has been granted new recognition from the investment industry regulatory organization of canada iiroc under the individual proficiency requirements of the dealer member plain language rule book rule book. Through amendments to dealer member rules and the proposed iiroc dealer member plain language rule book, the sro would require that such incidents. Notice of commission approval amendments to form 1 for use in, and consistency with, the dealer member plain language rule book, dated august 22, 2019 notice of commission approval amendments to forms and guidance respecting investment in a dealer member, dated august 22, 2019. Rule book investment industry regulatory organization of.
Feb 11, 2020 cfa institute today announced that it has been granted new recognition from the investment industry regulatory organization of canada iiroc under the individual proficiency requirements of the dealer member plain language rule book rule book. Iiac submission to iiroc on proposed dealer member plain language rule book proposed amendments pdf march 5, 2018. Iiroc originally published for comment in a number of discrete tranches. The ontario securities commission has approved iirocs proposed dealer member plain language rule book the plr rule book. Propose a safeharbour rule, complemented by additional tools to help dealers protect the interests of vulnerable investors implement the plain language rule book and introduce dealer training finalize the requirements for the mandatory use of client identifiers conduct investor research on key policy issues. Apr 06, 2018 through amendments to dealer member rules and the proposed iiroc dealer member plain language rule book, the sro would require that such incidents be promptly reported via two reportsone would be required immediately, while the other, with more detail, would follow within 30 daysand would also list the information that must be shared. Respond to comments on dealer member plain language rule book and finalize rules or republish for comment. The plr projects purpose was to rewrite, reformat, rationalize and reorganize iirocs dealer member rules dmr in plain language. Iiroc will extend its implementation dates for its plain language rulebook iiroc rules to december 31, 2021.
Iiroc published the amendments for comment on february 15, 2018 and did not receive any public comment. Iiroc will modernize how it supervises its members, and will modernize the supervisory requirements for members with respect to their registrants and their activities. In a notice issued on thursday, iiroc put forward a proposal for comment that would require dealers to report cybersecurity incidents. Rule 3200 minimum requirements for dealer members seeking approval under rule 0. Iiroc adopts rules regarding mandatory reporting of. Plain language rule book project registration changes iiroc. Cfa institute receives new recognition from iiroc for. Notice of commission approval dealer member plain language. Iiroc proposes additional changes to the dealer member. The other guidance revisions will be published before the new plain language rules take effect, iiroc said. The iiroc rules provide a clear, organized and modernized rewrite of iirocs existing dealer member rules making them simpler to navigate. Passing the level i cfa exam or higher is an alternative to the canadian securities course for building knowledge while meeting basic regulatory licensing requirements. Repealed current rule proposed plain language rule none 3201. The iiroc rule book is made up of dealer member rules.
Cfa institute gains additional iiroc recognition wealth. Iiroc publishes new plain language rules insurance portal. Republication of proposed iiroc dealer member plain language rule book 6. The ontario securities commission has approved iiroc s proposed dealer member plain language rule book the plr rule book. The initial revisions cover account supervision, research disclosures, standards for sharing premises and books and records requirements, along with registration changes. Passing the level i cfa exam or higher is an alternative to the canadian securities course for building knowledge while. Aug 22, 2019 the investment industry regulatory organization of canada iiroc announced today that it has rewritten its existing dealer member rules dmrs. The investment industry regulatory organization of canada iiroc has.
Apr 06, 2017 on march 9, 2017, the investment industry regulatory organization of canada iiroc published iiroc notice 170054 republication of proposed iiroc dealer member plain language rule book the notice, which republished for comment, the proposed dealer member plain language rule book the proposed dmpl rule book. Repealed current rule proposed plain language rule. Republication of proposed iiroc dealer member plain. Jun 21, 2018 iiac submission to iiroc re proficiency requirements for research supervision pdf march 16, 2018. Plain language rule book project registration changes particularly sections 3. Iiroc notice 160052 cites five intended benefits of the plr project namely. Cfa institute today announced that it has been granted new recognition from the investment industry regulatory organization of canada iiroc under the individual proficiency requirements of the dealer member plain language rule book rule book. This was completed in september 2016 and is in full use.
Iiroc sets out 2020 compliance priorities for dealers. Investment industry regulatory organization of canada sets. Requirement to disclose membership in iiroc as dealer member. Iiroc extends implementation of its plain language. The investment industry regulatory organization of canada iiroc on thursday published the full version of its proposed plain language rule book for public comment. The iiroc rules provide a clear, organized and modernized rewrite of iiroc s existing dealer member rules making them simpler to navigate and interpret. Currently, firms are encouraged to voluntarily report incidents and that should continue, the sro says. Effective 1 june 2020, under the individual proficiency requirements of the iiroc dealer member plain language rule book rule book. The ontario securities commission has approved iirocs proposed amendments to form 1 respecting defined terms for consistency with the dealer member plain language rule book the amendments. Jul 18, 2017 iiroc proposed amendments to client id and verification requirements. Iiroc extends implementation of its plain language rulebook. The plr rule book contains specific rules dealer members must follow as a condition of their iiroc membership. Iiroc is republishing for comment its proposed plain language rule book.
Mar 10, 2016 the investment industry regulatory organization of canada iiroc on thursday published the full version of its proposed plain language rule book for public comment. Iiroc will modernize how it supervises its members, and will modernize the supervisory requirements for members with. The proposals will also be reflected in the plain language rewrite of the dealer member rule book. Previous rule proposed plain language rule continuing. The sros plain language rule book project plr project aims to rewrite, reformat, rationalize and reorganize its dealer member rules in plain language. Iiac letter to irs re responsible officer certification requirements pdf march 16, 2018.
Also published today, as a part of the iiroc rules. Feb 11, 2020 the cfa institute has arrived at an important milestone with new recognition granted by the investment industry regulatory organization of canada iiroc the cfa program, globally renowned as a premier credential among investment management professionals, has been included among the individual proficiency requirements of the dealer member plain language rule book. As part of a project to rewrite iiroc rules in plain. The meeting will help iiroc determine whether there have been any significant changes that may impact the riskrating of the firm. On june 1, 2020, iirocs plain language rule book new rules will. As a result, the proposed housekeeping amendments are deemed to. Iiroc is proposing changes to part a of rule 3200 of the proposed iiroc dealer member plain language rule book. Introduction 1 this rule sets out dealer members obligations to identify each client, and to learn and remain informed of the. In november 2019, the investment industry regulatory organization of canada iiroc announced amendments to its dealer member rules and iiroc dealer member plain language rule book to require that dealers report any cybersecurity incidents to iiroc within three days of discovery. A of rule 3200 of the proposed iiroc dealer member plain language rule book the. The canadian securities administrators csa approved amendments to the dealer member rules and the iiroc dealer member plain language rule book the amendments, which result in an obligation for iiroc dealer members dealer members to submit two specific reports to iiroc after a cybersecurity incident. Cfa institute receives new recognition from iiroc for professional licensing in canada. The cfa institute has arrived at an important milestone with new recognition granted by the investment industry regulatory organization of canada iiroc the cfa program, globally renowned as a premier credential among investment management professionals, has been included among the individual proficiency requirements of the dealer member plain language rule book. Amendments to form 1 for use in, and consistency with, the plain language dealer member rules rule book.
Iiroc dealer member plain language rule book published for. The project to rewrite and rationalize the rulebook began back in 2010 with the publication of various tranches of the rules in plain language. Upon csa approval, iiroc will implement the plain language rule book and related training for dealers and staff. Iiroc issues revised guidance to reflect new plain. The proposed iiroc dealer member plain language rule book iiroc is republishing for public comment the proposed iiroc dealer member plain language rule book the proposed plr rule book. As part of iirocs dealer member plain language rule book plr. Further to the notices of commission approval published regarding the iiroc dealer member plain language rule book iiroc rules and several rule amendments related or connected to the iiroc rules that were to become effective on june 1, 2020, iiroc published on april 16, 2020 a technical notice 200079 revised implementation date of the. The plain language version will replace existing rules on june 1, 2020. Iiroc has undertaken a project the plr project to rewrite, reformat, rationalize and reorganize its dealer member rules in plain language. On july 6, 2017, iiroc published for comment iiroc notice 1709 proposed amendments to client identification and verification requirements. On march 9, 2017, the investment industry regulatory organization of canada iiroc published iiroc notice 170054 republication of proposed iiroc dealer member plain language rule book. This marks an important new milestone around regulatory recognition for the cfa program in canada. Dealer members must also comply with any other domestic or foreign laws that are applicable to their. We initially drafted and published for comment the plr project in a number of discrete tranches the.
Dealer member rules, iiroc notices, ida bulletins, member regulation. Mandatory cybersecurity incident reporting for iiroc. Iiroc initiated a project in 2009 to rewrite, reformat, rationalize, and reorganize its dealer member rules in plain language. Notice of commission approval amendments to form 1 for. As registrants, dealer members must also comply with canadian securities laws, including ni 31103. Iiroc is republishing for public comment certain sections of the proposed iiroc dealer member plain language rule book the proposed plr rule book, with the primary objective to rewrite, reformat, rationalize, and reorganize its dealer member rules in plain language the plr project. Iiroc has undertaken a project to rewrite, reformat, rationalize, and reorganize our dealer member rules dmr. The investment industry regulatory organization of canada iiroc announced today that it has rewritten its existing dealer member rules dmrs. Organization of canadas iiroc dealer member plain language rule book the plr rule book, which is attached as appendix 2. Implementation that included a complete copy of the dealer member plain language rule book the. The iiroc rules provide a clear, organized and modernized rewrite of iiroc s existing dealer member rules making them simpler t o navigate and interpret. Republication of proposed iiroc dealer member plain language. Feb 11, 2020 for more detail, please see guidance note 260020001. Request for comment the proposed iiroc dealer member.
Republication of proposed iiroc dealer member plain language rule book. Iiroc proposes additional changes to the dealer member plain. Iiroc is proposing changes to part a of rule 3200 of the proposed iiroc dealer member plain language rule book the proposed amendments. The iiroc rules provide a clear, organized and modernized rewrite of iiroc.
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