Changes to ComSet (Complaints and Settlement Reporting System) Reporting Requirements

IIROC is making changes to ComSet reporting requirements to create greater reporting efficiency and further enhance investor protection.

IIROC Staff has conducted a review of the current ComSet reporting requirements and has determined that it is necessary to enhance its effectiveness by requiring a Dealer Member to include more comprehensive information about the ComSet event in the Dealer Member’s initial ComSet filing.

IIROC will, as of June 1, 2011, require Dealer Members to attach relevant supporting documentation at the time of initial entry of the ComSet event.  The additional data obtained through the new reporting requirements will permit IIROC to conduct more timely and efficient initial reviews of ComSet filings.  Furthermore, in many cases, we anticipate that the initial provision of this information will result in fewer subsequent requests for information.

Dealer Members’ general reporting obligations to IIROC under Dealer Member Rule 3100 remain the same, and are described in Member Regulation Notice 0162, published on September 19, 2002.  Additionally, Dealer Member Rule 3100(I)(B)(1) provides that IIROC may prescribe the frequency and detail of information that is reported by Dealer Members. 

It is important to note that the requirement to attach the supporting documents described above will apply to events filed or modified on the ComSet system on or after June 1, 2011.  ComSet events filed prior to June 1, 2011 will not have to be updated to reflect the new disclosure requirements unless the event is modified on or after June 1, 2011.  The new practice of attaching supporting documents at the time of initial entry into ComSet will become mandatory on June 1, 2011.

In conjunction with the new reporting requirements, IIROC will hold Dealer Member information sessions and provide a new version of the ComSet manual with additional guidelines. This new manual will be available online to ComSet users as of June 1, 2011.  See below for further details regarding these information sessions.

Please refer to the “Summary of Documentation Required by Event Type” table below for details on the additional disclosure requirements. 

Summary of Documentation Required by Event Type

*Note: These documents are to be attached upon conclusion of the ComSet event.

Information Sessions

The timing and location of the information sessions will be determined based upon indicated interest from Dealer Members.  It is expected that sessions will be held in central locations in Toronto, Montreal, Calgary and Vancouver during the weeks of June 6^th and/or June 13^th.  For those unable to attend in person, audio conferencing will be available. 

These sessions will cover the technical aspects of recent ComSet upgrades and will include a discussion of the new reporting requirements. 

Please indicate your interest in attending an information session by emailing your anticipated number of attendees and desired location to: hdsouza@iiroc.ca