Transferring Trust: Consultation On Bulk Account Transfers

The Canadian Investment Regulatory Organization (CIRO) recently released proposals to modernize the requirements for account transfers and bulk account movements. The amendments are intended to address identified client service disruptions that may occur when accounts are transferred to a new CIRO registrant and there is a delay in moving some of the client's account positions. A number of reasons are suggested for these type of delays, including outdated transfer processes and inconsistent account transfer regulatory requirements.

The rule amendments are intended to:

• Permit the dealer use of additional automated account transfer facilities;
• Require dealer firms to electronically communicate with each other if a recognized account transfer facility is available;