On September 26, 2024, the IIAC a écrit to CIRO regarding its continued use of IIROC and MFDA guidance notices. The IIAC emphasized that, in parallel with its ongoing rule consolidation efforts, CIRO ought to formally rescind those guidance notices that relate to legacy IIROC/MFDA rules and other extraneous or outdated matters.

As we have previously recommended to CIRO, its consolidated rules ought to encompass a complete set of rules applicable to dealer members. Guidance notices should not be intended to create additional expectation. It follows that all guidance notes that refer to outdated rules and/or purport to create new obligations on dealers should be rescinded to ensure that CIRO’s consolidated rules are focused, complete and comprehensive.

An example is guidance notice is IIROC Notice 19-0177, Limitation of Liability Clauses, which was published on October 10, 2019. Our members prioritize the fair treatment of their clients in any given dispute. The concerns raised by this guidance notice include the role of the regulator in seeking to determine the phrases of contractual clauses rather than established law or legal advice and the exclusion of circumstances that inform the implementation of these clauses in any given circumstance.

There are multiple other legacy IIROC and MFDA notices that merit review. The IIAC encourages and supports such an exercise.