Canadian securities regulators publish IIROC oversight review report

2018/26
April 26, 2018

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 specific regulatory processes were effective, efficient, and were applied consistently and fairly, and whether IIROC complied with the terms and conditions of its Recognition Orders.

IIROC is the national self-regulatory organization with a mandate to oversee all investment dealers and trading activity on debt and equity marketplaces across Canada.

On behalf of the CSA, the oversight review was conducted jointly by CSA staff of eight of the provincial securities regulators that recognize IIROC: the Alberta Securities Commission; 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 Newfoundland and Labrador Office of the Superintendent of Securities, and the Prince Edward Island Office of the Superintendent of Securities.  

Based on the annual risk-based assessment of IIROC's regulatory processes, CSA staff reviewed key regulatory processes in the following functional areas: financial and operations compliance, corporate governance, risk management, and financial operations. CSA staff also followed up on findings cited in previous oversight reports which were within the scope of the review, and acknowledged that IIROC made sufficient progress in resolving those issues. All other previous findings that were not within the scope of the review, primarily due to the time commitment required by IIROC to fully implement acceptable action plans, are being tracked separately by CSA staff.

In summary, CSA staff raised one governance related medium-priority finding and acknowledge that IIROC has already taken steps to resolve the finding. One low-priority finding was also raised. No other findings were noted.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information: 

Kristen Rose
Ontario Securities Commission
416-593-2336 
Hilary McMeekin
Alberta Securities Commission
403-592-8186

Alison Walker
British Columbia Securities Commission
604-899-6713

Sylvain Théberge
Autorité des marchés financiers
514-940-2176 
 

Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660


Erin King
Financial and Consumer Services 
Commission, New Brunswick
506-643-7045

David Harrison
Nova Scotia Securities Commission 
902-424-8586

Steve Dowling
Government of Prince Edward Island, 
Superintendent of Securities
902-368-4550

Craig Whelan
Office of the Superintendent of Securities 
Newfoundland and Labrador
709-729-5661

Rhonda Horte
Office of the Yukon Superintendent of 
Securities
867-667-5466


Jeff Mason
Nunavut Securities Office
867-975-6591

Tom Hall
Office of the Superintendent of Securities
Northwest Territories
867-767-9305

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan
306-798-4160


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