On the same day that provincial securities regulators unveiled their final registration reform plans, the Investment Industry Regulatory Organization of Canada also introduced proposed amendments to its rules in line with the provincial initiative.

In a notice to its members issued Friday, the IIROC reports that its board has approved various rule amendments related to the implementation of the Canadian Securities Administrators’ registration reform project. The proposed amendments still require approval of the provincial commissions, but are expected to take effect on September 28, along with the CSA reforms.

Similar to the CSA project, the IIROC rule changes aim to modernize, streamline and harmonize registration requirements for dealers and their staff. Among other things, it would reduce the number of registration categories, adopt a more principles-based approach, and harmonize with other regulators.

“The amendments will give dealer members greater flexibility in designing their compliance systems,” the notice says, adding that his may lead to cost saving opportunities for firms. “However, cost savings are not the objective of the amendments and IIROC will review changes to [dealers’] systems as part of its normal business conduct reviews to ensure that changes result in systems that are at least as effective as those prescribed by the current rules,” it says.

IE