Member firms have six months to implement rule changes to regulations relating to personal financial dealings and permissible outside business activities, the Toronto-based Investment Industry Regulatory Organization of Canada (IIROC) announced on Thursday.

IIROC says the amendments codify its previous position on the matter by specifically prohibiting employees and approved persons of member firms from directly or indirectly engaging in personal financial dealings with clients.

As well, the changes to dealer member rule 18.14 expands the current rules to include all “outside business” activities, according to IIROC, while also stipulating that all registered and investment representatives must inform their firms of any outside business activity and obtain the company’s approval in advance of any such activity.

IIROC’s amendments will take effect on Dec. 13, 2013 except for trustee or executor arrangements, which must be implemented by June 13, 2014.