The Investment Industry Regulatory Organization of Canada has published the proposed plain language versions of four of its rules for comment.
IIROC is publishing proposed plain language rules relating to rule interpretation, definitions, its powers, and principles of conduct, as part of its project to rewrite its rules in plain language. The primary objective of the project is to “develop a set of rules that is more clear, concise and organized, without changing the rules themselves”; although some of the rules are undergoing revisions in the process.
In this latest publication, some of the significant revisions include eliminating unnecessary rule provisions; clarifying IIROC’s expectations with respect to certain rules; ensuring that the rules reflect actual IIROC practices; and, ensuring consistency with other IIROC rules and securities legislation.
The proposed rules are not expected to have any significant effects on dealers, market structure or competition, nor are they expected to generate any significant increase in compliance costs. They are out for a 90-day comment period.