The Investment Dealers Association reports Policy 8, which requires the reporting of complaints and legal action against member firms, was approved by the relevant securities commissions on September 18.

The Complaints and Settlement Reporting System, known as ComSet, will go live on October 15. ComSet will allow for automated reporting of client claims and legal action.

Policy 8 was introduced at the IDA’s annual meeting in 2001. Amendments to the policy were approved at the January 2002 board meeting of the IDA. Further amendments were approved at the June 2002 board meeting.

The IDA has published Member Regulation notice MR0162, which supplements Policy 8. It sets out things such as reporting time periods for Policy 8 matters.

For example, criminal offences are reportable within five business days of the member, or any current or former registrant being charged with, convicted of, pleading guilty or no contest to any criminal offence, in any jurisdiction, inside or outside of Canada, while employed by a member firm.