Brokers wondering just what’s on their regulatory record can request a copy of that record from the Investment Industry Regulatory Organization of Canada (IIROC).
IIROC issued a notice on Monday that sets out the process for reps and former reps to obtain a hard copy of their own registration records, and details just what those files contain.
The notice indicates that theses files will include, among other things: all paper applications containing detailed personal information, along with disclosures of any criminal, civil, regulatory or financial matters; notices of approval issued by IIROC, continuing education requirements, and any terms and conditions that have ever been imposed; termination notices, including reasons for terminations given by previous dealers; all correspondence between the broker and IIROC’s registration department; any cautionary or warning letters issued by IIROC enforcement; any disciplinary notices; bankruptcy documents; and any documents that IIROC’s registration department has obtained relating to a regulatory, criminal, civil or financial disclosure.
The document package will also include a report generated from the Comset database that lists the number of Comset entries regarding the rep, if any. IIROC notes that if an individual requests disclosure of their personal information contained in their Comset file, it will adhere to the applicable privacy legislation, which may vary from province to province. The regulator says that it will not, “under any circumstances, provide such information to an employer or prospective employer.”
These files will not include any information relating to a person’s registration with a regulator other than IIROC. This information would have to obtained directly from those organization, it notes.
Brokers can request a copy of their IIROC files by filing out a downloadable form and paying a fee. The files can be picked up from an IIROC, or sent to their dealer in an encrypted email. Reps that don’t currently have a dealer can also request that their copy be sent to them directly via registered mail.