The Investment Industry Regulatory Organization of Canada has withdrawn a number of long-standing, proposed rule changes.

It was reported in Friday’s OSC Bulletin, that IIROC has abandoned several proposed rule amendments, for a variety of reasons, ranging from approval for the changes was not forthcoming from the provincial securities commissions, to the proposed changes now need to be amended to reflect other regulatory changes.

For example, back in 2004, the IIROC predecessor, the Investment Dealers Association of Canada, proposed amendments regarding the requirement to send quarterly statements to clients. “However, the proposed rule amendment was inconsistent with the securities legislation of IIROC’s recognizing regulators,” it noted. “As changes to securities legislation to accommodate these proposed changes are not forthcoming, IIROC has informed the Canadian Securities Administrators that it has withdrawn the proposed rule amendments.”

It has also withdrawn proposed amendments relating to over-the-counter options, which were proposed back in 2005.”On March 16, 2009, IIROC was informed that one of its recognizing regulators had important concerns and was unwilling to proceed with these proposed amendments,” it said, and so, it withdrawn the proposed amendments.

It has also withdrawn a 2006 proposal for changes relating to the collection know your client information. “In light of… amendments IIROC is proposing to make to implement the core principles of the Client Relationship Model and to implement the CSA Registration Reform Project, revisions to these proposed amendments are now necessary,” it says. These amendments will be resubmitted once the necessary revisions have been made.

Back in 2006 the IDA proposed amendments concerning the definition of the term “non-retail clients”, which it characterized as housekeeping amendments. However, it notes that the securities commissions had concerns on the classification of the amendments as they considered them to be amendments requiring public comments. It has also withdrawn these proposed amendments, noting that they will be resubmitted to the CSA “as part a larger package of public comment rule amendments relating to a project to rewrite the IIROC Dealer Member rules in plain language.”

The regulator has also withdrawn a couple of proposed amendments that were deemed unnecessary with the creation of IIROC.

IE