The Investment Industry Regulatory Organization of Canada reports that it expects to complete its rulebook re-write by February 2010.

In a bulletin published Tuesday, IIROC explains that “the objective of the project is to produce a clear, streamlined re-statement of the former IDA rules and make substantive reforms to certain important rules.” The project is a high priority for IIROC, it notes, because it is a prerequisite to the consolidation of the dealer rules and the trading rules into a consolidated rulebook.

The regulator estimates that it will complete the project, which means that it will have secured board approval for the rewritten rules and submitted them to the securities commissions for approval, by February 2010.

Rules that aren’t undergoing substantive changes will be submitted to the Canadian Securities Administrators for pre-approval review as they are ready, while rules with substantive changes will be filed individually with the CSA for approval after the IIROC board approves each new rule.

Once the new rulebook is complete it will be issued for public comment and submitted to the CSA for approval, which is expected in early 2010. The new rulebook will be implemented in its entirety after CSA approval is obtained.

IIROC has also developed a plan to integrate the trading rules into a new consolidated rulebook. First, it proposes to address overlapping provisions of the trading rules and dealer rules. These changes will be implemented in the new rulebook.

The IIROC said it plans to launch an extensive education and training program for its members prior to the introduction of the new rulebook.

IE