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Rules

IIROC Rule 38 (to Dec 2022)

Requires a member to establish and maintain a system for the supervision of the activities of its partners, directors, representatives, employees and agents to ensure their and the firm’s compliance with all applicable rules.

Rule Overview

Jurisdiction: Canada

Regulator: IIROC

Topic: Supervision

Overview

This system must include, at a minimum:

  • the establishment, maintenance and enforcement of written policies and procedures;
  • procedures ensuring that staff understand their responsibilities;
  • procedures ensuring that the rules are updated when the relevant regulations change;
  • sufficient personnel to enforce the policies and procedures;
  • the designation of supervisors;
  • quality audit of the adequacy of performance of supervisory personnel;
  • the maintenance of adequate records of:
    • supervisory activity;
    • compliance issues identified; and
    • resolution of the issues.