News Release

Canadian securities administrators publish IIROC oversight review report

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 Investor inquiries, please refer to your respective securities regulator. You can contact them here.

For media inquiries, please refer to the list of provincial and territorial representatives below or contact us at media@acvm-csa.ca.

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