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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 January 31, 2018

Case Assessment

Number of Case Assessments files currently under review: 28

Bar graph showing case assessment files opened by source

Case assessment files opened by source

​2018 ​2017 ​2016​ ​
​Public​ 11​ 197 198
ComSet ​11 150 202
Internal ​5 41 32
Other SROs and Commissions ​2  18 20
Other ​2 4 2
Total ​31 410 454


Case assessment files opened by type

​2018 ​ 2017 ​2016​ ​
Unauthorized and discretionary trading  4 49 ​56
Unsuitable investments  6 111 169
Misrepresentation  0 14 30
Service issues  1 - 1
Other  20  236 ​198
Total  31 410 454


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Investigations

Number of investigations currently under review: 7

Number of investigations completed:

2018 ​ 2017 ​2016​ ​
 7 127 ​138

 

Bar graph showing number of investigations completed

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Prosecutions

Number of prosecutions currently under review: 0

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.

Bar graph showing number of prosecutions completed

 

Sanctions Imposed on Firms

2018 ​ 2017 ​2016​
​Decisions  0 7 6
​Fines
 $0  $830,000 ​$360,000
Costs  $0  $78,500 ​$65,000
Disgorgement $0  $100,000 -
Total $0   $1,008,500 ​$425,000
Permanent suspension 0 1 ​-
Termination 0 - 2*
Cautionary letter 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 36 40**
​Fines $645,000   $1,795,000 ​$2,684,000
Costs​  $37,000  $351,129 ​$412,000​
Disgorgement  $0  $778,962 ​​$24,084
Total  $682,000  $2,925,091 ​​$3,120,084​
Suspension 2  16 20
Permanent bar 1  4 ​6
​Cautionary letter 2 ​1 7​
Conditions 2   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​​  17 139 125​
Criminal charge 0 4 ​2
Customer complaint  40 903 ​1,207
Denial of registration or approval​  -  - ​-
External disciplinary action​  -  4 2
Internal disciplinary action​  2  36 41
Internal investigation​  2  47 ​60
​Total 61  1,133​ ​1,437


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