Canadian securities administrators publish IIROC oversight review report

TORONTO, Aug. 5, 2020 /CNW/ - 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 [email protected].

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

SOURCE Canadian Securities Administrators