IIROC updates compliance and supervision guidance

On December 15, the Investment Industry Regulatory Organization of Canada (IIROC) released a draft guidance note regarding the role of compliance and supervision at member firms. The draft guidance is intended to update IDA Member Regulation Notice MR-0435, released in 2006, in light of recent amendments to registration requirements contained in NI 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations in order to ensure consistency between the registration reform related amendments and IIROC's guidance. The draft guidance considers such issues as the responsibility for compliance, the distinction between supervisory and compliance roles, and the role of dealers, board of directors, management and the compliance officer. The notice also includes guidance on creating an effective compliance program, and provides information on the circumstances under which IIROC may initiate enforcement proceedings relating to compliance or supervisory matters.

Comments on the draft guidance are being accepted for 60 days from the date of the notice. For more information, see IIROC Notice 11-0361.

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