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Enforcement Statistics



IIROC maintains statistics on the complaints it receives and the investigations and prosecutions it conducts. It also tracks disciplinary statistics for those complaints and matters that regulated firms are required to file to IIROC through the Complaints and Settlement Reporting System (ComSet). IIROC monitors this information to identify potential emerging regulatory issues in the industry it regulates.

Data as of September 30, 2018

Case Assessment

Number of Case Assessments files currently under review: 59

Case assessment files opened by source

​2018 ​2017 ​2016​ ​
​Public​ 121​ 197 198
ComSet ​100 150 202
Internal ​30 41 32
Other SROs and Commissions ​12  18 20
Other ​1 4 2
Total ​264 410 454


Case assessment files opened by type

​2018 ​ 2017 ​2016​ ​
Unauthorized and discretionary trading  65 49 ​56
Unsuitable investments  73 111 169
Misrepresentation  12 14 30
Service issues  11 0 1
Other  103  236 ​198
Total  264 410 454

  
Bar graph showing case assessment files opened by source

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Investigations

Number of investigations currently open: 139

Number of investigations completed: 78

2018 ​ 2017 ​2016​ ​
 78 127 ​138

 

Bar graph showing number of investigations completed

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Prosecutions

Number of prosecutions currently under review: 68

Number of Prosecutions completed: 39

Number of Prosecutions completed — A prosecution is considered completed where there is a final decision by an IIROC hearing panel, securities commission or court including any sanctions ordered.  Any decisions under appeal are not included.

2018 ​ 2017 ​2016​ ​
 39 43 ​46
Bar graph showing number of prosecutions completed

 

Sanctions Imposed on Firms

2018 ​ 2017 ​2016​
​Decisions 6 7 6
​Fines
 $420,000  $830,000 ​$360,000
Costs  $33,000  $78,500 ​$65,000
Disgorgement $0 $100,000 0
Total $453,000   $1,008,500 ​$425,000
Permanent suspension 0 1 0
Termination 2 0 2*
Cautionary letter 0 0​ 2​

*This figure has been corrected to 2 firm terminations resulting in a total of 6 decisions against firms in 2016. 


Sanctions Imposed on Individuals

2018 ​2017 ​2016​
​Decisions 33 37 40**
​Fines $2,262,500  $2,265,000 ​$2,684,000
Costs​  $289,000  $366,129 ​$412,000​
Disgorgement  $93,711.75  $778,962 ​​$24,084
Total  $2,645,211.75  $3,410,091 ​​$3,120,084​
Suspension 17  16 20
Permanent bar 4  5 ​6
​Cautionary letter 7 ​1 7​
Conditions 16   22 21​​

**The number of decisions has been adjusted downward by two cases due to late filing of appeals.

 

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Statistics Filed by Dealer Firms (COMSET)

IIROC rules require Dealer Members to inform IIROC, using IIROC’s Complaints and Settlement Reporting System (ComSet), when certain events occur, including when a Dealer Member receives a written client complaint, when criminal charges are laid against a Dealer Member or any of its individual registrants, or when a securities-related civil claim is brought by a client. 

With ComSet, staff can identify new and emerging compliance or regulatory issues, as well as patterns and trends in the industry, at the national, regional and firm level that help to direct focus on potential problems, areas that require enhanced compliance review, or events that warrant enforcement action. All ComSet events are reviewed by Case Assessment staff to determine whether the opening of a Case Assessment file is warranted.

2018 ​ 2017 ​2016​
​Civil claim​​  91 139 125​
Criminal charge 1 4 ​2
Customer complaint  629 903 ​1,207
Denial of registration or approval​  0  0 0
External disciplinary action​  4  4 2
Internal disciplinary action​  14  36 41
Internal investigation​  47  47 ​60
​Total 786 1,133​ ​1,437


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