Notice of Commission Approval – Client Focused Reforms Rule Amendments – Investment Industry Regulatory Organization of Canada (IIROC)

Market Regulation Document Type
IIROC rule review


The Ontario Securities Commission has approved IIROC’s proposed Client Focused Reforms rule amendments to make IIROC requirements uniform in all material respects with the reforms to enhance the client-registrant relationship made to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations by the Canadian Securities Administrators (Amendments). The Amendments were published for comments on November 19, 2020 and nine comment letters were received. IIROC has made non-material changes to the Amendments in response to comments received. A summary of the public comments and IIROC's responses, as well as the IIROC Notice of Approval/Implementation, including text of the Amendments, can be found at

The Amendments will come into effect on December 31, 2021.

In addition, 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 Northwest Territories Office of the Superintendent of Securities, the Nova Scotia Securities Commission, the Nunavut Securities Office, the Office of the Superintendent of Securities, Service Newfoundland and Labrador, the Office of the Yukon Superintendent of Securities, and the Prince Edward Island Office of the Superintendent of Securities have approved or not objected to the Amendments.