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Investment Industry Regulatory Organization of Canada

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Investment Industry Regulatory Organization of Canada
AbbreviationIIROC/OCRCVM
Formation2008
TypeOrganizations based in Canada
Legal statusactive
Purposemonitors members for securities law compliance; enforces securities regulations through quasi-judicial proceedings
HeadquartersToronto, Ontario, Canada
Region served
Canada
Official language
English, French
Websitehttp://www.iiroc.ca/ www.iiroc.ca/

The Investment Industry Regulatory Organization of Canada, abbreviated IIROC in English or Organisme canadien de réglementation du commerce des valeurs mobilières (OCRCVM) in French, is a non-profit, national self-regulatory organization (also known as an "SRO"). Established in 2008 through the merger of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS) on June 1, 2008,[1] the IIROC regulates securities dealers which operate in Canada's equity and debt markets, and is overseen by the Canadian Securities Administrators.[2]

The organization sets regulatory and investment industry standards and has quasi-judicial powers in that it holds compliance hearings and has the power to suspend, fine and expel members and registered representatives, such as advisers.[3] However, it has often been criticized by investor advocates as ineffective. [4]

The organization has been involved in litigation over its power to discipline former members for their conduct while they were members. An Ontario Divisional Court decision in the matter of Stephen Taub ruled the Ontario Securities Act does not allow this.[5] The British Columbia Court of Appeal reached a different conclusion in the matter of Charles Dass and upheld a decision of the British Columbia Securities Commission that IIROC does have jurisdiction over former members.[6] Later the Ontario Court of Appeal reversed the Divisional Court decisin and reached the same conclusion as the British Columbia Court.[7] In Saskatchewan and Alberta, provincial securities regulations state explicitly that self regulatory organizations have the power to pursue enforcement activities with regards to former members.

See also

References

  1. ^ "Self-regulatory organizations (SROs)". Ontario Securities Commission. Retrieved 2008-08-20.
  2. ^ Langton, James (2008). "Long wait almost over for merged regulator". Investment Executive. Retrieved 2008-08-14. {{cite web}}: Unknown parameter |month= ignored (help)
  3. ^ Betts-Willmott, Kate (2008-07-31). "IIROC imposes $2 million fine on TD Waterhouse". Investment Executive. Retrieved 2008-08-14.
  4. ^ Norris, Gary (2007-02-12). "Advocate flouts regulator". The Canadian Press. Retrieved 2008-08-14.
  5. ^ McNish, Jacquie (2008-07-22). "Lawyer finds gaping hole in securities law". The Globe and Mail. Retrieved 2008-08-14.
  6. ^ Investment Dealers Association of Canada v. Dass, 2008 BCCA 413
  7. ^ Taub v. Investment Dealers Association of Canada, 2009 ONCA 628
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