The Investment Industry Regulatory Organization of Canada (IIROC) today released its Annual Report for 2015-2016, highlighting the milestones achieved by the national public interest regulator in its mission to protect investors and support healthy Canadian capital markets.
“Over the past year, a significant focus of our activity was the development of a new Strategic Plan that provides a strong blueprint to guide our actions over the next three years,” said IIROC President and CEO Andrew Kriegler. “We also made tangible progress on a number of important initiatives that improve dealer and market regulation in Canada, while strengthening IIROC’s enforcement and investor protection efforts.”
Highlights of 2015-2016 include:
- IIROC was selected by the Canadian Securities Administrators as the Information Processor (IP) for corporate debt securities, increasing transparency in this important market and leveraging the information already being collected by IIROC in its public interest regulator role. IIROC began its surveillance of debt market activity by IIROC-regulated firms in November 2015. In July, IIROC began publishing free of charge information on corporate bond trades on a new website, providing all market participants with information that can help them make better investment decisions.
- IIROC published guidance to strengthen compliance by Dealer Members with the best interest requirements of its Conflicts of Interest rule, with particular focus on the management of compensation-related conflicts. This guidance, published in April 2016, clarifies the requirement that IIROC-regulated firms must address existing or potential conflicts of interest in the best interest of the client.
- IIROC strengthened investor protection by concluding additional Memoranda of Understanding (MOUs) with other organizations to close gaps in the financial services regulatory system. Since November 2015 IIROC has negotiated cooperative and information-sharing agreements with the Chambre de la sécurité financière in Québec, the Financial Services Commission of Ontario and the Insurance Council of British Columbia to ensure individuals sanctioned by one regulator cannot avoid penalties and continue working in another jurisdiction or sector of the financial service industry.
- IIROC published a Cyber-Security Best Practices Guide and a Cyber Incident Management Planning Guide to help IIROC-regulated firms protect themselves and their clients against cyber threats and attacks.
IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high-quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – General News
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