The Investment Industry Regulatory Organization of Canada (IIROC) has introduced a new, secure email service for communicating confidential information with dealers.
IIROC announced Tuesday that it has adopted a new email service for transmitting confidential, private, or sensitive, information between the self-regulatory organization (SRO) and its dealers. The new system, known as OneWorld, facilitates the use of encrypted email. It allows IIROC to protect email transmissions to dealers, and when a dealer replies to an email sent within the service, the response will also be encrypted.
The regulator notes that emails sent through the service are deleted 30 days after they are sent. If a firm fails to retrieve an email within 30 days, it won’t be available, so the service should not be relied on for document retention. Dealers are encouraged to develop a procedure to save emails outside of the secure system if a retention period greater than 30 days is required.
IIROC also notes that it is currently working on a facility that will allow electronic data files to be transmitted without the file size restriction that’s normally associated with email. It will be testing this solution over the summer, and anticipates full implementation in the fall. Among other things, this facility will be used for regulatory reporting that is currently sent via EMX, it notes.
The EMX service will be fully phased out by September 1, at which point all of its historical content will be deleted.