Significant Implementation Delays Announced For Client Focused Reforms And IIROC Plain Language Rules

In a series of announcements this week, the CSA, IIROC and the MFDA delayed the implementation of certain significant regulatory initiatives, primarily as a result of the COVID-19 situation. Specifically, the implementation of certain Client Focused Reforms (CFRs) and IIROC's Plain Language Rules (PLRs) will be delayed as follows:

• CFRs – Conflicts Of Interest Provisions: the effective date by which registrants will have to comply with the conflicts of interest provisions in the CFRs is postponed by six months, until June 30, 2021.
   
• CFRs – Relationship Disclosure Information (RDI): the implementation of the RDI provisions of the CFRs is delayed by a year, until December 31, 2021.