The Investment Industry Regulatory Organization of Canada is seeking comment on changes proposed as part of its project to rewrite its rules in plain language.

IIROC is seeking comment on proposed rules relating to business conduct and dealing with client accounts.

The self-regulatory organization says that the existing rules relating to business conduct standards and client accounts require substantive revisions in order to:

• eliminate unnecessary provisions;

• clarify IIROC’s expectations with respect to certain rules;

• ensure that the rules reflect actual IIROC practices; and

• ensure consistency with other IIROC rules and applicable securities legislation.

The publication comes as part of a project that the SRO has undertaken to rewrite its rules in plain language. The new rules will be submitted to the IIROC board and issued for public comments in eight tranches, of which this is the first.

In addition to putting the rules into plain language, IIROC says its staff proposed that these rules “should be rewritten to reflect actual IIROC expectations, to enhance the clarity of the rule and to ensure consistency with applicable securities legislation”, in addition to the plain language rewrite of the existing rule provisions.

Comments are due within 90 days.

IE