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National Advisory Committee & District Councils



IIROC’s National Advisory Committee (NAC) is an advisory body which serves as a forum for Chairs of the District Councils to raise and discuss matters of interest and provide input on policy initiatives. The NAC holds regular quarterly meetings and special meetings at the call of the Chair and reports to the IIROC Board of Directors three times a year.

NAC Mandate

  1. NAC should seek to solicit, review, coordinate and build consensus from comments and responses to regulatory proposals received from District Councils;

  2. NAC should assume an advocacy role consistent with investor protection to promote self-regulation by acting as ambassadors to the industry at large;

  3. NAC should identify and advise IIROC staff about industry trends that would assist IIROC in being more proactive in dealing with emerging issues and meeting regulatory obligations; and

  4. NAC should aim to develop and harmonize a national approach to dealing with regulatory issues with respect to which the District Councils have a role such as granting registration exemptions, membership approvals, etc.   

NAC Membership

NAC membership is composed of the Chairs of the District Councils.

Standing Members:

  • President & CEO (or another officer of IIROC designated by the President & CEO); and
  • Chair of the Board (or another member of the Board designated by the Chair or the Board)

NAC Chair

NAC Chair is elected by NAC members for a two-year term. To be elected NAC Chair, the member must be a District Council Chair.

A DC Chair who wishes to serve as NAC Chair should have the support of his/her DC considering that such DC Chair would be serving a two-year term.

 


 

District Councils

IIROC has 10 District Councils which represent all provinces and territories in Canada. The District Councils address registration and membership matters, raise issues of regional interest, and add perspective to policy efforts and national issues. The councils ensure regional input into the regulatory process, a role that is an integral component of self-regulation. Regular monthly meetings and special meetings are held at the call of the Chair. 

District Council Mandate

Each District Council acts as a local committee, whose mandate includes both a regulatory role, in relation to regional approval and membership matters, and an advisory role with respect to regional issues, as well as the provision of regional perspective on national issues.

District Council Specific Responsibilities

District Councils perform a number of specific regulatory functions related to Dealer Members, most of which relate to registration and membership matters. Integral to rule enforcement is the appointment of Hearing Committees from which IIROC’s Hearing Panels are drawn. Along with IIROC’s Marketplace Members, District Councils play a key role in identifying appropriate individuals to be considered for membership on the Hearing Committee. Individuals nominated by District Councils and Marketplace Members are submitted to the Corporate Governance Committee for consideration.

District Council Membership, Term and Appointment Process

Each District Council is comprised of four to 20 members, including a Chair and Vice-Chair but exclusive of ex-officio members appointed by the IIROC Board. Position terms are held for two years and they are renewable but subject to term limits.

Nomination Process: A Dealer Member with offices in the District may nominate a member of the District Council.

Appointment Process: All nominees are reviewed by the District Council Nominating Committee and approved by the District Council prior to submission for consideration at the annual meeting of the Dealer Members of the District.

District Council Chair and Vice Chair

A Chair and Vice Chair are elected at the Annual General Meeting of the District for the one-year term of the District Council.

District Council Sub-Committees: Standing Sub-Committees may be established at the initiative of the District Council. The mandate of the District Councils contemplates that the following specific purpose Sub-Committees may be established: Nomination Sub-Committee and Registration Sub-Committee.

IIROC’s 10 District Councils – full membership lists for each

 

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