The Investment Industry Regulatory Organization of Canada (IIROC) announced on Wednesday that its new set of consolidated enforcement rules for investment dealers will officially come into effect on Sept. 1.
Thus, disciplinary proceedings that begin on or after Sept. 1 will be governed by the procedures set out in the new rules; and, the new consolidated conduct standard contained in the new rules will apply to conduct that takes place as of Sept. 1.
The new rules combine the existing sets of dealer and marketplace rules into a single set of rules for all enforcement proceedings; they also introduce a consolidated standard of conduct and they clarify the rules concerning compliance exams.
“Having and using robust and appropriate enforcement tools will strengthen our ability to protect investors,” says Andrew Kriegler, IIROC’s president and CEO, in a statement. “These new consolidated rules will provide all stakeholders with greater clarity and consistency in the application of IIROC’s enforcement, examination and registration processes.”
IIROC began a project to consolidate its enforcement rules in 2012 and the Canadian Securities Administrators (CSA) approved the final version of these rules in June.
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