IIROC’s proposals spell out its plan for its version of the CRM 2 rules
The expectation is that portfolio managers will meet with clients during account openings and annual reviews
Amendments would revise rules to mirror the CSA’s CRM 2 requirements on relationship disclosure, transaction fees and trade confirmations
New deadline for investment dealers is March 26, 2014
SROs need to follow the CSA’s timeline for CRM 2 implementation
An effective relationship disclosure information form should be more than a regulatory document, say legal experts
There are over 100 new and revised requirements in CRM 2 that are either currently in effect or will do so over the next three years
IIROC says its rules will be phased in with the same sorts of transition periods adopted by the CSA
Amendments ensure all investors receive the same information about the cost and performance of their investments
Rebecca Cowdery, partner at Borden Ladner Gervais and a specialist in the regulation of investment funds, gives practical tips on how to meet the complex new requirements of CRM 2. She discusses responsibilities for firms, the complex paperwork, and balancing compliance with service. Cowdery spoke to Paula Virany, multimedia editor and video producer with Investment Executive, at the TMX Broadcast Centre in Toronto.