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Canadian investment regulator to target misleading use of business titles and financial designations

Jan 24 2013 Daniel Seleanu, Compliance Complete

The Investment Industry Regulatory Organisation of Canada (IIROC) has proposed new guidelines on the use of business titles and financial designations by dealer members and their licensed individuals. The draft guidance includes best practice provisions to help ensure that broker dealers properly supervise the titles and designations used by their licensed representatives when dealing with retail clients. In particular, the proposals focused on the need to protect senior citizens that use retirement planning services. In 2011, IIROC conducted a survey among its regulated firms to better understand how licensed individuals used business titles and financial designations, as well as firm supervision and compliance practices in this area. IIROC stressed that its review was in response to the proliferation of such titles and designations in the retail segment and the corresponding risk of investor confusion. In 2012, IIROC also conducted investor focus groups and one-on-one interviews

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