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Strengthening IIROC's Legal Authority



IIROC sets and enforces rules to ensure that investors are protected and that Canada’s capital markets operate in a fair and orderly manner. IIROC investigates and prosecutes investment advisors who breach our rules by, for example, misappropriating funds from clients, falsely endorsing client signatures and/or making unsuitable recommendations to investors, commonly seniors and vulnerable investors who suffer significant financial losses as a result of these acts.

Discipline imposed by IIROC hearing panels can include fines, suspensions and permanent bans on working in Canada’s investment industry. In 2016, IIROC completed 138 investigations with 46 completed prosecutions across Canada and imposed more than $3.5 million in sanctions. These enforcement actions are a strong deterrent to potential wrongdoers that they will be held accountable if they harm investors.

As a regulator, it is vital that we have the tools necessary to protect investors, support healthy capital markets, and foster confidence in the regulatory system.

IIROC is currently working with the provinces and our regulatory partners in pursuit of additional legal authority to strengthen the effectiveness of its enforcement actions. This includes the authority to collect fines; to strengthen our investigations; and to provide protection from lawsuits when acting in the public interest.

Recent developments

 
Alberta

June 13, 2017
Alberta boosts investment industry regulator's investigative powers
Globe and Mail article

June 9, 2017
Passage of Alberta law strengthens investor protection
IIROC news release

May 8, 2017
IIROC, Prosper Canada and CARP Congratulate Alberta Government for strengthening investor protection
IIROC news release
 View press conference
 Prosper Canada’s response

Ontario

April 27, 2017
IIROC, CARP and Prosper Canada credit Ontario Budget measures for strengthening investor protection
IIROC news release

March 31, 2017
IIROC, CARP, and Prosper Canada Applaud Ontario Government for strenghtening consumer protection
IIROC news release

Prince Edward Island

January 31, 2017
PEI grants IIROC authority to collect fines through Supreme Court
IIROC news release

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