Notice of Withdrawal – Proposed Amendments Respecting Reporting, Internal Investigation and Client Complaint Requirements – Canadian Investment Regulatory Organization (CIRO)
CIRO is publishing a bulletin withdrawing the amendments proposed in IIROC Notice 22-0009 Proposed Amendments respecting Reporting, Internal Investigation and Client Complaint Requirements to Rule 3700 of the Investment Dealer and Partially Consolidated Rules (IDPC Rules), and to Rule 10.16 under the Universal Market Integrity Rules (together, the Proposed Amendments), which would:
- make the ComSet reporting requirements and complaint requirements clearer and more consistent with existing regulatory expectations,
- reduce duplicative reporting to IIROC by eliminating overlapping ComSet reporting requirements and gatekeeper obligations in the UMIR, and
- enhance the complaint requirements by codifying client complaint handling best practices.
IIROC initially published the Proposed Amendments for comment on January 13, 2022. Subsequent to the publication, CIRO was created and commenced operations, with one of its initial priorities to consolidate the IDPC Rules and the Mutual Fund Dealer Rules into one set of consolidated rules applicable to both investment dealers and mutual fund dealers through the Rule Consolidation Project.
CIRO has decided to withdraw the Proposed Amendments and include them as part of the enhanced version of Rule 37001 in Phase 5 of the Rule Consolidation Project. Certain suggestions provided by stakeholders pursuant to the 2022 consultation were adopted in the proposed Rule 3700 in Phase 5 of the Rule Consolidation Project.
A copy of the CIRO Bulletin of Withdrawal can be found at www.osc.ca.
1 Applicable to both investment dealers and mutual fund dealers.