The Investment Industry Regulatory Organization of Canada Thursday published new draft guidance concerning the compliance function at brokerage firms.
The draft, which is being issued for a 60-day comment period, comes in response to changes to both securities commission rules and self-regulatory organization (SRO) rules as part of registration reform.
Back in November 2006, the various industry SROs published a joint notice setting out their expectations regarding the compliance function at firms and supervisory obligations.
Thursday’s guidance aims to update that notice in response to registration reform related rule changes, including the creation of new registration categories, changes to the scope of the activities requiring registration, and changes to compliance-related functions and supervisory duties.
Revised notices being issued separately by each SRO, IIROC indicates, but the SROs have worked together to ensure that concepts/principles remain harmonized.