Tag archives: IIROC

IIROC’s 2018 Enforcement Report: Strengthening Enforcement Authority Across Canada

By Ted Brook on June 19, 2019 Posted in Legislation, rules and policies, Other developments

Overview On May 16, 2019, the Investment Industry Regulatory Organization of Canada (IIROC) published its 2018 Enforcement Report (the Report). The Report summarizes IIROC’s enforcement activities in 2018 and provides an update on the progress of IIROC’s enforcement priorities, chief among which has been the strengthening of IIROC’s legal authority and enforcement powers across Canada. … Continue reading

Harrington v IIROC: No Equitable Duty Owed by Public Sector Regulators to Disclose Information to Victims of Wrongdoing

By Linda Fuerst and Peter Tae-Min Choi on June 4, 2019 Posted in Other developments, Securities regulatory decisions

On December 31, 2018, the Ontario Superior Court of Justice dismissed an application by Harrington Global Opportunities Fund (Harrington) for a Norwich order against the Investment Industry Regulatory Organization of Canada (IIROC). Harrington sought the order to compel IIROC to provide information that would identify parties which had allegedly been involved in manipulating the market … Continue reading

Nova Scotia Bill 67 – IIROC expands its enforcement authority

By Andrew McCoomb on October 24, 2018 Posted in Legislation, rules and policies, Other developments

On October 12, 2018, Bill 67 was proclaimed into force in Nova Scotia. Bill 67 expands the enforcement powers of the Investment Industry Regulatory Organization of Canada (IIROC) in Nova Scotia in the interest of strengthening investor protection, with a focus on safeguarding the financial interests of seniors and vulnerable retail investors. Bill 67 amends … Continue reading

IIROC Seeks Public Comment on Proposed New Disciplinary Options

By Ted Brook on March 2, 2018 Posted in Other developments

On February 22, 2018, the Investment Industry Regulatory Organization of Canada (IIROC) announced that it was launching a public consultation on two new disciplinary approaches for dealing with minor violations of IIROC rules and the resolution of disciplinary cases. IIROC’s Enforcement Department is specifically responsible for enforcing IIROC’s Dealer Member Rules relating to the sales, … Continue reading

Ontario provides protection to “whistleblowers” against reprisals

By Jacob Wilson on February 7, 2018 Posted in Legislation, rules and policies, Other developments

In December 2017, Ontario instituted a civil cause of action for employees who experience reprisals from their employers for providing information or assisting in certain other ways in regulatory or criminal investigations or proceedings involving contraventions of securities or commodity futures laws (whistleblowing). The identical amendments to s. 121.5 of Ontario’s Securities Act and s. … Continue reading

Reasonable diligence and good faith, no excuse for CFOs under IIROC regulatory regime

By Jeremy Devereux on September 11, 2017 Posted in Securities regulatory decisions

In Sutton (Re), the Investment Industry Regulatory Organization of Canada’s (IIROC) found that individuals with regulatory functions in securities industry may not enjoy immunity for errors where they acted in good faith and with reasonable diligence. Sutton was a specialist in the field of securities industry regulation. From March 2003 until July 2012, he acted … Continue reading

IIROC To Step Up Compliance Efforts in Response to Regulator Scrutiny

By Andrea Campbell on August 4, 2017 Posted in Securities regulatory decisions

Last month, the Canadian Securities Administrators released its annual Oversight Review Report of the Investment Industry Regulatory Organization of Canada (IIROC), which evaluates the effectiveness of IIROC’s key processes and the organization’s compliance with its mandate during the period between April 2015 and July 2016. IIROC oversees investment dealers (known as “Dealer Members”) and trading … Continue reading