News & Events

CSA / ACVM
For Immediate Release
August 5, 2020

 

Canadian securities administrators publish IIROC oversight review report

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

Hilary McMeekin
Alberta Securities Commission
403-592-8186

Sylvain Théberge
Autorité des marchés financiers
514-940-2176

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

Brian Kladko
British Columbia Securities Commission
604-899-6713

Steve Dowling
Superintendent of Securities, Department of
Justice and Public Safety,
Prince Edward Island
902 368-4550

Sara Wilson
Financial and Consumer Services
Commission, New Brunswick
506-643-7045

David Harrison
Nova Scotia Securities Commission
902-424-8586

Renée Dyer
Office of the Superintendent of Securities,
Service NL
709-729-4909

Rhonda Horte
Office of the Yukon Superintendent
of Securities
867-667-5466

Jeff Mason
Nunavut Securities Office
867-975-6591

Tom Hall
Northwest Territories
Office of the Superintendent of Securities
867-767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160