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The Enforcement Process



Enforcement staff have the authority to investigate dealer members and their registered employees and, if warranted, to initiate disciplinary proceedings for contraventions of IIROC requirements.

There are three main stages to the enforcement process: case assessment, investigations, and prosecutions.

 


 

Case Assessment

At this initial stage, staff is responsible for conducting an initial review of complaints or other matters brought to their attention, to determine whether there is sufficient evidence of a contravention of IIROC requirements to warrant a formal investigation. Staff may move a matter to Investigations, issue a cautionary letter or refer it to another IIROC department, regulatory body or authority.

 


 

Investigations and Prosecutions

Staff conducts formal investigations based on matters received from Case Assessment, referrals from other IIROC departments, requests from securities commissions, other regulatory bodies or police authorities, or other information received by IIROC, including whistleblowers.

During the investigation, Enforcement staff collect and review evidence. The investigation normally includes interviews of IIROC registered employees, firm supervisors, compliance staff, complainants and any other individuals with relevant evidence.

Enforcement staff review the findings of the investigation and recommend an appropriate course of action. If the evidence establishes a contravention of IIROC requirements, Enforcement staff may initiate a disciplinary proceeding in order to resolve the matter before an IIROC hearing panel (an expert administrative panel consisting of an independent chair from the legal community and two industry members).

 


 

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