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Citing pushback from the industry, the Investment Industry Regulatory Organization of Canada (IIROC) has scrapped planned rule changes that sought to improve the process of identifying “pro” accounts.

In a notice, IIROC said that it has abandoned proposed rule changes and new guidance that were intended to clarify the self-regulatory organization’s requirements for pro accounts, and to harmonize the dealer rules and trading rules.

The proposals, which were published in September 2019, were developed with the input of a special industry working group in an effort to address industry confusion over how to mark orders or accounts as “non-client.”

“However, public commenters expressed concern with proceeding with the proposed amendments and proposed guidance due to their potential industry impact,” IIROC said in its notice.

As a result, it decided to withdraw the proposals, it said.

IIROC said it will consider issuing new guidance on the definition of “non-client orders” and “non-client accounts.”