2014

Use of business titles and financial designations

IIROC Proposes Best Practices to Improve Transparency and Supervision

TORONTO, Jan. 8, 2013 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) today issued a Guidance Notice for Comment regarding the use of business titles and financial designations.

The Notice identifies supervisory best practices that would improve transparency regarding the use of business titles and financial designations and associated services offered by registrants of IIROC-regulated firms.

In 2012, IIROC conducted qualitative research involving investors and investor representatives in order to determine whether business titles and financial designations influence investors' decision-making process and expectations.  This investor research built on IIROC's previous quantitative survey conducted amongst IIROC-regulated firms and designed to better understand the use of business titles, as well as firm supervision and compliance practices in this area.

"Protecting investors is core to IIROC's mandate and an important element of protection is helping to ensure that investors can make informed decisions," said Susan Wolburgh Jenah, IIROC's President and Chief Executive Officer.  "With many titles in use, identifying best practices that are embraced and implemented by IIROC-regulated firms will provide investors with better descriptions and understanding of the services offered to retail clients."

IIROC is also preparing a glossary of common financial designations and certificates that will be made available on its website in English and French when the proposed guidance is finalized.  This glossary will complement other investor education tools and resources available online at www.iiroc.ca.

Related documents: IIROC Notice - Use of Business Titles and Financial Designations, January 8, 2013. Dealer Members, individual licence holders and other interested parties are requested to provide comments on the draft guidance in the Notice by March 9, 2013. See the Notice for details.

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IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News




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