Notice of Commission Approval - Consolidation of IIROC Enforcement, Procedural, Examination and Approval Rules
NOTICE OF COMMISSION APPROVAL
INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC)
CONSOLIDATION OF IIROC ENFORCEMENT, PROCEDURAL, EXAMINATION AND APPROVAL RULES
The Ontario Securities Commission has approved IIROC's proposal to consolidate and rationalize certain enforcement and related rules currently contained within the Universal Market Integrity Rules and Dealer Member Rules into a set of new rules ("Consolidated Rules"). The Consolidated Rules have been also been approved or non-objected to by the Alberta Securities Commission; the Autorité des marchés financiers; the British Columbia Securities Commission; the Financial and Consumer Affairs Authority of Saskatchewan; the Financial and Consumer Services Commission of New Brunswick; the Manitoba Securities Commission; The Nova Scotia Securities Commission; the Office of the Superintendent of Services, Service Newfoundland and Labrador; and the Prince Edward Island Office of the Superintendent of Securities Office.
The Consolidated Rules are intended to achieve the following objectives:
• to replace the two current enforcement rule sets, found in IIROC's Dealer Member Rules and Universal Market Integrity Rules;
• to clarify current rules relating to compliance examinations; and
• to update rules relating to registration approvals and reviews.
The Consolidated Rules were originally published for comment on March 23, 2012 and republished for comment on November 14, 2013. IIROC has made non-substantive changes to the rules as published in 2013 in response to comments received. A summary of the comments and IIROC's responses, as well as the text of the approved Consolidated Rules can be found at www.osc.gov.on.ca.
The Consolidated Rules will be effective on September 1, 2016, except Rule 8300 (Hearing Committees), which is effective immediately.