IIROC Proposes Enhanced Client Reporting Requirements

IIROC today published for comment proposed amendments to its Dealer Member Rules intended to harmonize its rules with enhanced CSA client reporting requirements adopted earlier this year.

Among other things, the amendments would require: (i) that retail customers be informed of all fees and charges associated with a client instruction to purchase or sell a security prior to the transaction taking place; (ii) annual account performance reporting; and (iii) annual account fee and charge reporting.

The amendments form part of Phase 2 of the CSA Client Relationship Model (CRM) Project. For the proposals with an intended effective date of July 15, 2014 or earlier, the comment period is 60 days. In the case of proposals scheduled to come into effect on either July 15, 2015 or July 15, 2016, the comment period has been set for 120 days. For more information, see IIROC Notice 13-0300.