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IIROC to publish CRM reforms by year-end

The Investment Industry Regulatory Organization of Canada (IIROC) is planning to publish its version of the latest Client Relationship Model (CRM) reforms by the end of the year, the regulator says. IIROC published a new report Tuesday that outlines its policy priorities for the next 12 months, and the status of those various initiatives. The report indicates that the regulator expects to publish its version of the CRM2 reforms in December. Facebook LinkedIn Twitter TD Waterhouse fined $4 million for ignoring CRM2 Share this article and your comments with peers on social media First enforcement, now an exemption The Canadian Securities Administrators (CSA) finalized its version of these reforms — which impose new client cost and account performance reporting obligations on dealers — in July. IIROC indicates that its version of these rules will be phased in with the same sorts of transition periods adopted in the CSA rules, giving firms up to three years to fully implement all of the requirements. “In accordance with the implementation timelines established by the CSA, there will be different implementation periods commencing on the date of issuance of implementation notice,” it says. Additionally, the report indicates that IIROC is developing new guidance on complying with the first set of CRM reforms, which are currently in the process of being implemented. That guidance will further clarify the updated requirements for account relationship disclosure and know your client (KYC) and suitability assessment obligations. It is expected to be published for comment in November. Among other things, IIROC also expects to publish guidance on borrowing for investment purposes in October. In March 2014, it will issue guidance on the use of business titles and designations, and guidance on compensation structures for retail accounts. For June next year, it is planning further updated guidance on KYC and suitability assessment. IIROC notes that this policy prioritization exercise will help it ensure that it is focusing on the right issues, and “striking an appropriate balance”. It also says that it will “regularly review initiatives underway to determine what is necessary, can be phased in or deferred.” “We are aware of the challenges in the current economic environment and the impact that rapid changes and global domestic developments are having on our stakeholders,” said IIROC president and CEO, Susan Wolburgh Jenah. “We have developed this report to ensure that our policy agenda is fully transparent to our stakeholders and that market participants are aware of what is on the horizon and can plan and prepare appropriately.” Related news James Langton Keywords Client relationship modelCompanies Investment Industry Regulatory Organization of Canada CRM2 fee disclosures fail to enlighten, empower investors: report read more