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.
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 firstname.lastname@example.org.
For more information:
Ontario Securities Commission
Autorité des marchés financiers
|Jason (Jay) Booth
Manitoba Securities Commission
British Columbia Securities Commission
Government of Prince Edward
Island,Superintendent of Securities
Financial and Consumer Services
Commission, New Brunswick
Nova Scotia Securities Commission
Office of the Superintendent of Securities
Newfoundland and Labrador
Office of the Yukon Superintendent
Nunavut Securities Office
Office of the Superintendent of
Securities Northwest Territories
Financial and Consumer Affairs
Authority of Saskatchewan