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Enforcement Mediation Program



IIROC’s Enforcement Mediation Program is an alternative dispute resolution tool to facilitate the settlement of IIROC’s disciplinary cases or any specific issues arising during the course of a disciplinary proceeding between IIROC Enforcement staff and the Respondent(s). 
 
The program is purely voluntary for both parties and is simply another tool available to assist in the timely resolution of cases through the use of an independent third-party mediator. 
 
Eligibility
 
Mediation is potentially available to any Respondent who is subject to an IIROC disciplinary proceeding pursuant to IIROC Rules 20.33 and 20.34. Respondents subject to an expedited hearing pursuant to IIROC Rule 20.41 are not eligible.
 
However, both parties (i.e. Respondent and IIROC Staff) must consent to using mediation.
 
Timing
 
Mediation is available at any time following the issuance of a Notice of Hearing. However, the mediation should be initiated at a sufficiently early point in time in the process so as not to unduly delay the completion of the disciplinary proceeding. Staff will not agree to mediation where it results in the unreasonable delay of the disciplinary proceeding.
 
Mediation is only available once during the disciplinary process.
 
Key Features
 
While the parties to the mediation have some flexibility in the mediation process including determining any deadlines and required materials to be exchanged, the following are the minimum mandatory features to the program:
  • Participation. Participation is voluntary. Both parties must consent to using mediation. 

  • Selection of Mediator. The parties must agree to the choice of mediator. There is no pre-approved roster of mediators, but consideration will be given to knowledge and experience in the securities regulatory industry, general mediation experience, and the absence of any apparent conflict of interest with the parties. 

  • Written Agreement. The parties enter into a standard mediation agreement which sets out various terms of the process including confidentiality of the mediation and termination of the mediation. 

  • Costs. The costs of the mediator are to be shared equally between the parties.

  • Documentation. Each party must prepare materials for the mediator and the other party in advance of the mediation. The timing and nature of the documentation will be determined amongst the parties and mediator.

  • Mediation result. A mediated settlement agreement will have no force and effect until approved by an IIROC Hearing Panel as per the normal settlement hearing process pursuant to IIROC Rule 20.36.
 
Inquiries
 
Alexandra Clark
Director, Enforcement Litigation
 
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