Amendments to IIROC Rule 20 Corporation Hearing Processes to Eliminate IIROC’s Appeal Panels and Response to Public Comment
INVESTMENT INDUSTRY REGULATORY
ORGANIZATION OF CANADA (IIROC)
AMENDMENTS TO IIROC RULE 20 CORPORATION
HEARING PROCESSES – TO ELIMINATE IIROC’S
NOTICE OF COMMISSION APPROVAL
The Ontario Securities Commission approved amendments to Part 11 of IIROC Rule 20 to eliminate IIROC’s internal appeal panels, as well as consequential amendments to IIROC’s Rules 20 and 33 (together, the amendments). The Alberta Securities Commission, the Autorité des marchés financiers, the New Brunswick Securities Commission, the Newfoundland and Labrador Securities Division, the Nova Scotia Securities Commission and the Saskatchewan Financial Services Commission approved the amendments. The British Columbia Securities Commission did not object to the amendments.
The amendments were part of a set of proposed amendments (Proposed Amendments) submitted by IIROC (at the time, the Investment Dealers Association of Canada (IDA)). The Proposed Amendments were published on June 22, 2007 at (2007) 30 OSCB 5781. The Proposed Amendments included proposed changes to IIROC’s Rule 20.7 that were intended to clarify IIROC’s continuing jurisdiction over former Dealer Members and Approved Persons. Staff of the Canadian Securities Administrators continue to review this part of the Proposed Amendments. One comment letter to the Proposed Amendments was received. The amendments, revised to reflect changes to the Proposed Amendments made in conjunction with the recognition of IIROC as a self-regulatory organization, as well as a copy of the comment letter and IIROC’s (then, the IDA) response are included in Chapter 13 of this bulletin.