Notice of Commission Deemed Approval - Housekeeping Amendments to IIROC Rules to Enhance Protection of Older and Vulnerable Clients - Investment Industry Regulatory Organization of Canada (IIROC)

Market Regulation Document Type
IIROC rule review

The Ontario Securities Commission did not object to the classification as housekeeping of the proposed IIROC Rules amendments aiming to enhance protection of older and vulnerable clients (the Housekeeping Amendments).

The Housekeeping Amendments are designed to make IIROC requirements uniform in all material respects with the recent amendments made by the Canadian Securities Administrators to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. More specifically, the Housekeeping Amendments:

  • are intended to enhance investor protection by providing Dealer Members with tools to address situations involving diminished mental capacity or financial exploitation of their clients,
  • relate to the collection of trusted contact information from each client and the placing of temporary holds in circumstances of suspected financial exploitation of a vulnerable client or lack of mental capacity, and
  • will be effective December 31, 2021, to coincide with the implementation of the IIROC Rules and the Know-Your-Client provisions of the Client Focused Reforms.

A copy of the IIROC Notice of Approval/Implementation, including the text of the approved amendments, can be found at www.osc.ca.

In addition, the British Columbia Securities Commission; the Alberta 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 Prince Edward Island Office of the Superintendent of Securities Office; Office of the Superintendent of Securities, Northwest Territories, Office of the Superintendent of Securities, Nunavut and Office of the Yukon Superintendent of Securities have either not objected to or have approved the Amendments.