Canadian securities regulators publish IIROC oversight review report

Toronto – The Canadian Securities Administrators (CSA) today released the Oversight Review Report of the Investment Industry Regulatory Organization of Canada (IIROC). The report 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.

Following an annual risk-based assessment of IIROC’s functional areas and key processes, CSA staff selected key regulatory processes in the following functional areas for review: business conduct compliance, trading conduct compliance, policy, and membership and registration.
CSA staff identified three low priority findings in the trading conduct compliance department, policy department and registration department. IIROC has already taken steps to resolve these findings. Additionally, CSA staff note that IIROC has resolved findings cited in previous oversight reports.

The review was conducted jointly by CSA staff on behalf of seven of the provincial securities regulators that recognize IIROC: the Autorité des marchés financiers; the British Columbia Securities Commission; the Financial and Consumer Affairs Authority of Saskatchewan; the Financial and Consumer Services Commission of New Brunswick; the Manitoba Securities Commission; the Nova Scotia Securities Commission; and the Ontario Securities Commission. IIROC is also recognized by the Alberta Securities Commission, the Office of the Superintendent of Securities, Service Newfoundland and Labrador, the Prince Edward Island Office of the Superintendent of Securities, the Northwest Territories Office of the Superintendent of Securities, the Nunavut Securities Office, and the Office of the Yukon Superintendent of Securities.

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