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Governance



IIROC carries out its regulatory responsibilities under Recognition Orders from the provincial securities commissions that make up the Canadian Securities Administrators (CSA). IIROC is subject to oversight and regular operational reviews by CSA members.

IIROC’s Recognition Orders from each province’s securities regulator are listed here:

 

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Oversight Audits

 

In Canada, each province or territory has government bodies— securities commissions, authorities, administrators— that rely on an SRO such as IIROC to carry out certain regulatory responsibilities. Members of the CSA oversee IIROC’s operations and conduct regular oversight audit reviews.

 

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Registration Orders

 

Securities legislation requires investment dealers to apply and be accepted for membership with an SRO if they wish to operate in Canada. Securities legislation also requires that individual employees who are carrying out certain functions within investment dealers be registered.

Securities regulators have delegated their registration powers to IIROC to register firms and individuals in BC, Alberta, Saskatchewan, New Brunswick and Newfoundland and Labrador.

Securities regulators have delegated their registration powers to IIROC to register individuals in Ontario and Québec.

IIROC’s Registration Orders from each province’s securities regulators are listed here:

 

IIROC’s Registration department conducts an additional screening and review of registrants who have applied to work at IIROC-regulated firms in certain functions. Before IIROC approves these registrants to work at IIROC-regulated firms, they must pass financial, professional and personal background checks and have the necessary training and education for the specific job.

 

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Governance Reports

 

​IIROC’s Recognition Orders require that IIROC "review the corporate governance structure, including the composition of the Board … within two years after the date of recognition and periodically thereafter … to ensure that there is a proper balance between, and effective representation of, the public interest and the interests of marketplaces, dealers and other entities desiring access to the services provided by IIROC."

 

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