Efforts by the Investment Dealers Association of Canada to establish conflict of interest rules continue to drag on.

The initiative began back in 1996 when the Joint Industry Committee on Conflicts of Interest was formed to review issues surrounding firms touting stock in companies they also owned. The committee’s final report was issued in September 1997.

A version of the client priority rule was approved at the October 2001 board meeting of the IDA. The Autumn 2003 issue of the IDA Report notes that the IDA has been working with the securities commissions and exchanges to jointly revise the conflicts of interest and client priority rules.

“The rules were approved at the October 2002 board meeting and submitted to the securities commissions for approval. However, based on comments received from member firms, the IDA is now contemplating some revision to the definition of ‘pro group’,” it says.