October 23, 2020 is the deadline to provide feedback on the self-regulatory organization (SRO) framework consultation paper.
Learn more about what the ASC is doing to support market participants and investors.
Aug 05, 2020
Toronto – The Canadian Securities Administrators (CSA) today released its Oversight Review Report of the Investment Industry Regulatory Organization of Canada (IIROC), which evaluates whether IIROC has complied with the terms and conditions of its Recognition Orders, and whether specific regulatory processes are effective, efficient and applied consistently and fairly.
Based on the annual risk-based assessment, CSA staff identified and focused their review on two areas within IIROC’s Enforcement function. These include reviewing the functionalities and capabilities of IIROC’s new Integrated Case Management (ICM) system, which integrates workflow processes of certain key departments, and the written criteria for determining when it is appropriate to have a closed hearing.
While no findings were identified as part of the review, CSA staff set out two expectations for IIROC. CSA staff have asked IIROC to complete a comprehensive review of user access to the ICM system and make improvements where appropriate. CSA staff have also asked IIROC to enhance training for hearing panel members and update its policies and procedures for determining when it is appropriate to hold disciplinary hearings that are closed to the public.
CSA staff note that IIROC has made sufficient progress in resolving findings cited in previous oversight reports.
The review was conducted jointly by staff of the CSA, which recognizes IIROC as a self-regulatory organization.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
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For more information:
Kristen Rose Ontario Securities Commission 416-593-2336
Sylvain Théberge Autorité des marchés financiers 514-940-2176
Brian Kladko British Columbia Securities Commission 604-899-6713
Sara Wilson Financial and Consumer Services Commission, New Brunswick 506-643-7045
Renée Dyer Office of the Superintendent of Securities Newfoundland and Labrador 709-729-4909
Jeff Mason Nunavut Securities Office 867-975-6591
Shannon McMillan Financial and Consumer Affairs Authority of Saskatchewan 306-798-4160
Hilary McMeekin Alberta Securities Commission 403-592-8186
Jason Booth The Manitoba Securities Commission 204-945-1660
Steven Dowling Government of Prince Edward Island Superintendent of Securities 902-368-4550
David Harrison Nova Scotia Securities Commission 902-424-8586
Rhonda Horte Office of the Yukon Superintendent of Securities 867-667-5466
Tom Hall Office of the Superintendent of Securities, Northwest Territories 867-767-9305