New enforcement rules to take effect

Advisors are reminded to follow the IIROC’s new consolidated enforcement rules starting Sept. 1

In an Aug. 24 news release, the IIROC announced that its new Consolidated Rules, which were approved earlier this year by the CSA, will take effect Sept. 1.

The new Consolidated Rules, which combine and replace various provisions of IIROC's Dealer Member Rules and Universal Market Integrity Rules (UMIR), include:
  • a single set of rules for all enforcement proceedings
  • a consolidated standard of conduct
  • clarification of current rules relating to compliance examinations
  • updated rules relating to registration approvals and reviews including the authority to impose terms and conditions on Dealer Members to ensure continuing compliance with IIROC requirements
"Having and using robust and appropriate enforcement tools will strengthen our ability to protect investors," said IIROC President and CEO Andrew Kriegler. "These new Consolidated Rules will provide all stakeholders with greater clarity and consistency in the application of IIROC's enforcement, examination and registration processes."

The new Consolidated Rules relating to standards of conduct will apply only to conduct that takes place on or after Sept. 1. Disciplinary proceedings that begin on or after Sept. 1 will be governed by the new procedures contained in the Consolidated Rules. The previous procedural rules will be applied to any hearings or examinations that began before that date.

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