On December 1, Susan Wolburgh Jenah, President and CEO of the Investment Industry Regulatory Organization of Canada (IIROC) spoke at the Compliance Legal Section's annual compliance conference in Toronto. Ms. Jenah discussed the initiatives undertaken by IIROC over the past year, including improving the quality and timeliness of IIROC guidance with a focus on new and complex products and also provided hints of things to expect over the course of the next year.
Specifically, Ms. Jenah discussed a number of initiatives currently being developed by IIROC, including:
- the Rulebook Re-write project (she identified the next step as being the submission of the revised rules to the IIROC Board for approval and their publication in tranches according to subject matter);
- revised complaint-handling rules;
- IIROC's Client Relationship Model for client-advisor relations; and
- a new rule to improve "transparency and fair pricing" for OTC traded securities.
The last three items were the subject of published proposals over the last year and, according to Ms. Jenah, are in various stages of development and consultation.