Chapter 5 - Formal Compliance Structure

Question 1

What IIROC Rule sets out the regulatory appointments and basic duties of compliance-realted appointees?

Answer 1

IIROC Rule 38

Question 2

Does the CEO have to be the UDP?

Answer 2

NO - generally the CEO is the UDP but this is not a ‘must’

Question 3

What is the Difference between the UPD and CCO

Answer 3

UDP is the firm Accountability and the CCO has the day to day responsibility

Question 4

Who is responsible to the SRO for the conduct of the firm and the supervision of its Employees?

Answer 4

the UPD

Question 5

How frequently MUST the CCO report to the Board of Directors?

Answer 5

At least Annually, and as often as necessary.

Question 6

What is the Compliance Governance Document?

Answer 6

IIROC Rule 38 - says: document setting out the organizational structure and reporting relationships that support required compliance arrangements.

Question 7

When must a Compliance Governance Document be Filed with IIROC?

Answer 7

when any material changes occur - it must be filed with IIROC

Question 8

What is the difference between the Compliance Governance Document and the P&P Manual

Answer 8

CGD - defines at a high level who has each regulatory responsibility in a firm.
P&P M - sets out who is responsible for specific activities & supervisory functions and how they are conducted