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Compliance & Legal Section



A key component of an effective self-regulatory organization is the development of rules with policy committee involvement. Policy staff perform the key role of coordinating the rule development process in consultation with the appropriate committees.

 

Mandate

 

The mandate of the Compliance and Legal Section (CLS) is to:

 

  • advise on the development of rules and policies on business conduct, registration and enforcement related matters affecting Dealer Members; and

  • provide a forum for the exchange of information relating to complying with IIROC and other requirements that relate to business conduct, registration and enforcement related matters.

 

Reports To: Staff of IIROC

 

Specific Responsibilities

 

CLS provides advice on the development of rules that are of particular relevance to senior compliance officers and other individuals having similar responsibilities. CLS is also responsible for establishing sub-committees to consider issues and to make recommendations on specific initiatives designed to address new and changing compliance developments in the industry.

 

Finally, CLS is responsible for organizing seminars (including the annual Compliance and Legal Section Education Seminar) on compliance and general securities industry issues to assist in educating IIROC-regulated persons.

 

Membership

 

Membership in the Section shall be restricted to senior compliance officers or other persons having similar responsibilities, regardless of title who are employed by Dealer Members or Marketplace Members.

 

Ex-officio Members

 

  • President (or another officer of IIROC designated by the President); and

  • Chair of the Board (or another member of the Board designated by the Chair or the Board).

 

Liaison Officers

 

Liaison officers shall be appointed by the Section to represent The Bourse de Montreal. No term or limit on the number of terms.

 

Nominating Process

 

Each Member shall be permitted to nominate a maximum of three persons for membership in the Section, providing they meet the membership requirements. Where a Member has nominated either two or three persons to be members of the Section, one of the nominations must be designated as the "Primary Member" and the other nomination(s) must be designated as the "Alternate Member(s)".

 

Appointment Process

 

All nominees are reviewed and appointed by the Section itself.

 

Voting Process

 

Each Member with members in the Section shall be entitled to one (1) vote at the Section's meetings; provided that if any two (2) or more Members are affiliates of each other, such Members shall jointly be entitled to one (1) vote at the Section's meetings. The Chair shall only vote in the case of a tie vote.

 

Meeting Schedule

 

Regular quarterly meetings and special meetings at the call of the Chair.

 

Chair and Vice-Chair

 

The Chair and Vice-Chair of the Committee shall hold office for a two-year term commencing on the date of the CLS Annual Meeting of the relevant year. In order to ensure continuity, the Vice-Chair will assume the role of Chair of the Executive Committee for the subsequent two-year period.

 

Executive Committee

 

The Section shall be governed by an Executive Committee comprised of the Chair, Past-Chair and Vice-Chair, together with 12 additional members. Only one person from each member may sit on the Executive Committee at any one time, unless a specific exemption is provided by majority vote of the Committee.

 

A Nominating Committee comprised of the Chair and Vice-Chair shall submit to the Section Annual Meeting a list of persons that it recommends to serve on the Executive Committee. In determining its recommended list of persons the Nominating Committee shall ensure that there is equitable representation on a geographic (regional versus national dealers), business line (institutional versus retail, debt versus equity versus derivatives) and business size (small, medium and large sized firms) basis.

 

Sub-Committees

 

Standing Sub-Committees may be established at the initiative of Committee. The existing Sub-Committees are:

  1. Education Sub-Committee, which develops education programmes and organizes Section educational initiatives including the annual Compliance and Legal Section Education Seminar.

  2. Institutional Sub-Committee, which provides specialized advice on issues and policy development initiatives relating to institutional client business.

  3. Money Laundering Sub-Committee, which provides specialized advice on issues relating to Dealer Member compliance with the federal anti-money laundering legislation requirements.

  4. Registration Sub-Committee, which provides specialized advice on issues and policy development initiatives relating to individual registration matters.

  5. Order Execution Only Sub-Committee, which provides input and direction on industry issues, regulatory policy development initiatives, and compliance best practices guidance relating to the Order Execution Only client business. In addition, the Sub-Committee will provide a forum for the exchange of information relating to complying with IIROC rules and other requirements that are unique to Order Execution Only Dealer Members on topics such as business conduct, registration, trading, and enforcement related matters.

  6. Seniors Issues Sub-Committee, which identifies, assesses and provides advice on compliance, supervisory and other practices used by IIROC Dealer Members in serving retail clients who are seniors. 

 

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Executive

  
Jane Ratchford, ChairScotia Capital Inc.
Kelley Hoffer, Vice-ChairRBC Dominion Securities Inc.
Joe BajicAssante Capital Management Ltd.
FREDERIC BelleauNational Bank Financial Inc.
Daniel Bowering 
Chris ClimoCIBC World Markets Inc.
Lou D'SouzaCormark Securities Inc.
Mary Joyce EmpensandoQuestrade, Inc.
Patricia KloepferInvestors Group Securities Inc.
Kuno TuckerITG Canada Corp.
Alexandra WilliamsQtrade Securities Inc.
Richard Corner, SRO RepresentativeInvestment Industry Regulatory Organization of Canada
Marsha Gerhart, SRO RepresentativeInvestment Industry Regulatory Organization of Canada
Sonja McCreary, SRO RepresentativeInvestment Industry Regulatory Organization of Canada
Sherry Tabesh-Ndreka, SRO RepresentativeInvestment Industry Regulatory Organization of Canada

 

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Primary Members

  
Jane Ratchford, ChairScotia Capital Inc.
Kelley Hoffer, Vice-ChairRBC Dominion Securities Inc.
Adam AbramsonTrapeze Capital Corp.
Govind AchyuthanAcumen Capital Finance Partners Limited
Leslee AltinPeters & Co. Limited
Richard Austin 
Joe BajicAssante Capital Management Ltd.
FREDERIC BelleauNational Bank Financial Inc.
Jean-François BernierInteractive Brokers Canada Inc.
Noah BillickRaymond James Ltd.
David Blanchard 
Wayne BoltonEdward Jones
Daniel Bowering 
Kevin BreslerRBC Direct Investing Inc.
Thomas BriantAltaCorp Capital Inc.
John Brighten 
Marian BuklisAcker Finley Inc.
Keri BushBMO Nesbitt Burns Inc.
Stephen CameronWatt Carmichael Inc.
Mark CensaleWells Fargo Securities Canada, Ltd.
Victor Chan 
Yann CittéLombard Odier Securities (Canada) Inc.
Ruth Ann CompanionIndustrial Alliance Securities Inc.
Helen CorriganRothenberg Capital Management Inc.
Catherine Davis 
Cheryl de MontignyHampton Securities Limited
Sesto DeLucaW.D. Latimer Co. Limited
Noah DodekLeede Jones Gable Inc.
Jennifer DohertyJC Clark Ltd.
Brian DriscollAligned Capital Partners Inc.
Leo DroriInstinet Canada Limited
Lou D'SouzaCormark Securities Inc.
Louise DuchesneLightyear Capital Inc.
Lisa EdwardsElectronic Transaction Clearing Canada, Inc.
Mary Joyce EmpensandoQuestrade, Inc.
Christopher EnrightAligned Capital Partners Inc.
Alison FletcherMandeville Private Client Inc.
Daniel GordonFriedberg Mercantile Group Ltd.
Louise HamelTD Waterhouse Canada Inc.
Adrian HavilandCitigroup Global Markets Canada Inc.
Christopher HillGMP Securities L.P.
Lawrence Hopkinson 
Helen HsiaCanadian ShareOwner Investments Inc.
Frank HurstIPC Securities Corporation
To-Linh HuynhOMG Wealth Management Inc.
Sindy JaggerK.J. Harrison & Partners Inc.
Pauline JarryMaison Placements Canada Inc.
Laura JessINFOR Financial Inc.
Nick KaterinakisGoldman Sachs Canada Inc.
John KennedyBarclays Capital Canada Inc.
Mark KentGravitas Securities Inc.
Patricia KloepferInvestors Group Securities Inc.
Yasmin LalaniCredential Securities Inc.
Martin LangUnion Securities Ltd.
Dave LapenseeChippingham Financial Group
Deodat LePictet Canada L.P.
Radek LoudinDesjardins Securities Inc.
David LuGF Securities (Canada) Company Limited
Mandy MacCauley 
Tim MacNeilOMG Wealth Management Inc.
Bruce MarandaCanaccord Genuity Corp.
Sandy MartinRaymond James Ltd.
Patrick McNenlyMackie Research Capital Corporation
Martin MiyataIPC Securities Corporation
Tom MonahasClarus Securities Inc.
James MoonHampton Securities Limited
Terry MooreCIBC
Catherine MusselmanBMO InvestorLine Inc.
Nadjy NacknaRogers Group Investment Advisors Ltd.
Gregory NowakowskiTD Securities Inc.
Peter PacholkoOdlum Brown Limited
Tracey PatelJ.P. Morgan Securities Canada Inc.
Joe PavaoHampton Securities Limited
Nicola PomponioCredit Suisse Securities (Canada), Inc.
Brian ProsserB2B Bank Securities Services Inc.
Brian PynnATB Securities Inc.
Sylvain RacineMirabaud Canada Inc.
Jehred RossParadigm Capital Inc.
Yves RuestLaurentian Bank Securities Inc.
Craig SchleyerAligned Capital Partners Inc.
David Schnarr 
Inna Shatsky 
Gurjinder SinghCaldwell Securities Ltd.
Brian SmallhornMorgan Stanley Canada Limited
Jane SmithAssante Capital Management Ltd.
Daniel SooleyDeutsche Bank Securities Limited
Peter SousarisFidelity Clearing Canada ULC
Jean-Pierre St-CyrSociété Générale Capital Canada Inc.
Naresh TejpalCIBC World Markets Inc.
Richard ThomasPI Financial Corp.
Bruce ThompsonHaywood Securities Inc.
Kuno TuckerITG Canada Corp.
Anita TylerKingsdale Capital Markets Inc.
Katharine VarikCumberland Private Wealth Management Inc.
Kambiz Vatan-AbadiBBS Securities Inc.
Sharon WatkinsSandstone Asset Management Inc.
John WebsterQueensbury Securities Inc.
Alexandra WilliamsQtrade Securities Inc.
Irene WinelMerrill Lynch Canada Inc.
André ZangaCasgrain & Company Limited

 

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Alternate Members

  
Ella AdamMackie Research Capital Corporation
Joy AllenScotia Capital Inc.
Robert AllenCredential Securities Inc.
Joya BabaGlobal Securities Corporation
Jean-Paul BachelleriePI Financial Corp.
Vance BaumanCredential Securities Inc.
Mary BeckOdlum Brown Limited
Holly BensonPeters & Co. Limited
Jean Berard 
Duncan Boggs 
Gary BoydDundee Securities Ltd.
David BrackenW.D. Latimer Co. Limited
Richard Butterworth 
Nick CardinaleRBC Dominion Securities Inc.
Jean CaronNational Bank Financial Inc.
Andrew CarringtonState Street Global Markets Canada Inc.
Richard CarterLeede Jones Gable Inc.
Warren CarterSolium Financial Inc.
Lindsay Chase 
Brian ChoyMorgan Stanley Canada Limited
Carol ChurchBMO Nesbitt Burns Inc.
Leo CicconeRichardson GMP Limited
Jillian ClarkCIBC Investor Services Inc.
Julie ClarkeMandeville Private Client Inc.
Chris ClimoCIBC World Markets Inc.
Kirk CoeBMO InvestorLine Inc.
Lloyd CostleyRaymond James Ltd.
Pauline DavisonQueensbury Securities Inc.
Christopher DimitropoulosHSBC Securities (Canada) Inc.
Maria DiVittorioRichardson GMP Limited
Charles DunlapHaywood Securities Inc.
Paul FalcaoB2B Bank Securities Services Inc.
Lionel FoglerKingwest & Company
Claudia GourdePictet Canada L.P.
Sally Haldenby HabaCaldwell Securities Ltd.
Ginalee Jones 
Michael KazmierowskiB2B Bank Securities Services Inc.
Inna KholodenkoQuestrade, Inc.
Kenneth KlepackiInstinet Canada Limited
Vesna KusicRBC Direct Investing Inc.
David LangRBC Dominion Securities Inc.
Samuel Lee 
Gordon LudolphCormark Securities Inc.
Bill LyonsCIBC World Markets Inc.
David MacFadyenOMG Wealth Management Inc.
Mark MaisonvilleHaywood Securities Inc.
Laurinda MartinsKingwest & Company
Jeanette MatiasHSBC Securities (Canada) Inc.
Nadyne McConkeyNational Bank Financial Inc.
Nawaz MeghjiEdward Jones
Myja MillerAcumen Capital Finance Partners Limited
Lafleche MontreuilDesjardins Securities Inc.
Terry MooreCIBC Investor Services Inc.
Sharon MorrisroeRaymond James Ltd.
Darlene MunroInvestors Group Securities Inc.
Jeremy NagyScotia Capital Inc.
Danielle Nardi 
Hinson NgGMP Securities L.P.
Scott NorrisIndustrial Alliance Securities Inc.
Johanna O'ReillyDeutsche Bank Securities Limited
Lisa PageFidelity Clearing Canada ULC
Tushar Pai 
Cliff PereiraChippingham Financial Group
Ashley PetersSolium Financial Inc.
Brent PickerlSandstone Asset Management Inc.
Shaine PollockRaymond James Ltd.
Sylvain PortelanceCasgrain & Company Limited
Monica PuAll Group Financial Services Inc.
Qun Ren 
Kim RitchieGMP Securities L.P.
Michael RolandParadigm Capital Inc.
Ali RouhaniBarclays Capital Canada Inc.
James RudderhamMD Management Limited
Raj SachdevaCitigroup Global Markets Canada Inc.
Vivene SalmonMerrill Lynch Canada Inc.
Mark Saracino 
Marie-Noelle SavoieMacDougall, MacDougall & MacTier Inc.
Susan SchulzeIPC Securities Corporation
Jonathan SherwinUBS Securities Canada Inc.
Wendy SieukaranTD Waterhouse Canada Inc.
Barbara SimpsonRogers Group Investment Advisors Ltd.
Geoffrey StaynerHampton Securities Limited
Angela StirpeCaldwell Securities Ltd.
Bryan Tamblyn 
Kari TavenerBloom Burton Securities Inc.
Bernardino UgoliniAligned Capital Partners Inc.
Chantal VennatDesjardins Securities Inc.
Paige WaddenWorldsource Securities Inc.
Syed WahabQueensbury Securities Inc.
Michael WardParadigm Capital Inc.
Scott WardleW.D. Latimer Co. Limited
Mark WeseluckRBC Dominion Securities Inc.
Jennifer Wessels 
Shelley WhitneyQtrade Securities Inc.
Jason Wilson 
Brent WolvertonPI Financial Corp.
Bardya ZiaianBBS Securities Inc.
Monica zzzPu 

 

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Education

  
Joy Allen, Co-ChairScotia Capital Inc.
Shailesh Ambike, Co-ChairRBC Dominion Securities Inc.
Amina AbutalibNational Bank Financial Ltd.
Julie BoileauDesjardins Securities Inc.
William BrownRichardson GMP Limited
Denise CarsonBMO Nesbitt Burns Inc.
Brian ChoyMorgan Stanley Canada Limited
Shawn CollettTD Waterhouse Canada Inc.
SHAWN COLLETT 
Alexandra DiplarosScotia Capital Inc.
Andrew DundassUBS Securities Canada Inc.
Lama GhazalehMackie Research Capital Corporation
Sukhminder GillRBC Direct Investing Inc.
Angela HanoskiQtrade Securities Inc.
Bonnie-Marie HenryScotia Capital Inc.
Firdaus KAPADIANational Bank Financial Corp.
Ashley PetersSolium Financial Inc.
Brian PynnATB Securities Inc.
DIANA QUINNGMP Securities L.P.
Michelle SarmientoQuestrade, Inc.
Farah SheikhTD Securities Inc.
Michael SmithNBCN Inc.
Danielle TaylorTD Waterhouse Canada Inc.
Jilin WenCIBC World Markets Inc.
Neal WestonScotiabank
Joe ZambitoCIBC World Markets Inc.
Ming Jie ZhuMerrill Lynch Canada Inc.
Adrian Carter, SRO RepresentativeInvestment Industry Regulatory Organization of Canada
Charles Piroli, SRO RepresentativeInvestment Industry Regulatory Organization of Canada
Dianne Weatherby, SRO RepresentativeInvestment Industry Regulatory Organization of Canada

 

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Institutional

  
Christopher Hill, ChairGMP Securities L.P.
Gary BoydDundee Securities Ltd.
Mark CensaleWells Fargo Securities Canada, Ltd.
Ross DavidsonRaymond James Ltd.
Leo DroriInstinet Canada Limited
Lou D'SouzaCormark Securities Inc.
Lisa EdwardsElectronic Transaction Clearing Canada, Inc.
Lama GhazalehMackie Research Capital Corporation
Lawrence HarasymJonesTrading Canada Inc.
Adrian HavilandCitigroup Global Markets Canada Inc.
Nick KaterinakisGoldman Sachs Canada Inc.
Edward KayMerrill Lynch Canada Inc.
Brian LauzonBMO Nesbitt Burns Inc.
Deodat LePictet Canada L.P.
Jeanette MatiasHSBC Securities (Canada) Inc.
Nadyne McConkeyNational Bank Financial Inc.
Patrick MillsBeacon Securities Limited
Lafleche MontreuilDesjardins Securities Inc.
Jeremy NagyScotia Capital Inc.
Hinson NgGMP Securities L.P.
Gregory NowakowskiTD Securities Inc.
Tracey PatelJ.P. Morgan Securities Canada Inc.
Nicola PomponioCredit Suisse Securities (Canada), Inc.
Ali RouhaniBarclays Capital Canada Inc.
Jonathan SherwinUBS Securities Canada Inc.
Douglas SimsovicPavilion Global Markets Ltd.
Brian SmallhornMorgan Stanley Canada Limited
Daniel SooleyDeutsche Bank Securities Limited
Kari TavenerBloom Burton Securities Inc.
Naresh TejpalCIBC World Markets Inc.
Kuno TuckerITG Canada Corp.
Richard Corner, SRO RepresentativeInvestment Industry Regulatory Organization of Canada
Angie Foggia, SRO RepresentativeInvestment Industry Regulatory Organization of Canada
Marsha Gerhart, SRO RepresentativeInvestment Industry Regulatory Organization of Canada

 

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Money Laundering

  
Joel Amy, ChairMacquarie Capital Markets Canada Ltd.
Jeffrey AblettCredential Securities Inc.
Brian ChoyMorgan Stanley Canada Limited
Keith CouttsCIBC World Markets Inc.
Stephen EbanksUBS Securities Canada Inc.
Samantha GoodingRaymond James Ltd.
Lucinda LehtinenRBC Internal Audit Services
Ronald NgQtrade Securities Inc.
Angela PavaoTD Securities Inc.
Lea PowerBMO Nesbitt Burns Inc.
Michelle SarmientoQuestrade, Inc.
Nicholas ThompsonCredit Suisse Securities (Canada), Inc.
Kuno TuckerITG Canada Corp.
Brian WalshPershing Securities Canada Limited
Madeleine Cooper, SRO RepresentativeInvestment Industry Regulatory Organization of Canada
David Wright, SRO RepresentativeInvestment Industry Regulatory Organization of Canada

 

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Order Execution Only

  
Kevin Bresler, ChairRBC Direct Investing Inc.
Jeff AblettCredential Securities Inc.
Jean-François BernierInteractive Brokers Canada Inc.
Kirk CoeBMO InvestorLine Inc.
John De RubertisNational Bank Financial Inc.
Daniel Di FrancoScotia Capital Inc.
Christopher DimitropoulosHSBC Securities (Canada) Inc.
Mary Joyce EmpensandoQuestrade, Inc.
Lee MoritaCIBC World Markets Inc.
Danielle TaylorTD Waterhouse Canada Inc.
Kuno TuckerITG Canada Corp.
Shelley WhitneyQtrade Securities Inc.
Charles Piroli, SRO RepresentativeInvestment Industry Regulatory Organization of Canada
Sherry Tabesh-Ndreka, SRO RepresentativeInvestment Industry Regulatory Organization of Canada

 

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Retail

  
Martin Miyata, ChairIPC Securities Corporation
FREDERIC Belleau, Committee MemberNational Bank Financial Inc.
Noah Billick, Committee MemberRaymond James Ltd.
Maria DiVittorio, Committee MemberRichardson GMP Limited
Wendyanne D'Silva, Committee MemberEdward Jones
Louise Hamel, Committee MemberTD Waterhouse Canada Inc.
Patricia Kloepfer, Committee MemberInvestors Group Securities Inc.
Bill Lyons, Committee MemberCIBC Investor Services Inc.
Craig Schleyer, Committee MemberAligned Capital Partners Inc.
Kimberly Shilton, Committee MemberBMO Nesbitt Burns Inc.
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