Governance & Bylaws

IIROC carries out its regulatory responsibilities under Recognition Orders from the provincial securities commissions that make up the Canadian Securities Administrators (CSA). IIROC is subject to oversight and regular operational reviews by CSA members.

General By-laws

Recognition Orders

IIROC’s Recognition Orders from each province’s securities regulator are listed here:

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Oversight Reviews

Members of the CSA oversee IIROC’s operations and conduct regular oversight reviews.

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Governance Reports

​IIROC’s Recognition Orders require that IIROC "review the corporate governance structure, including the composition of the Board … within two years after the date of recognition and periodically thereafter … to ensure that there is a proper balance between, and effective representation of, the public interest and the interests of marketplaces, dealers and other entities desiring access to the services provided by IIROC."

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Restricted Fund

Money from fines and settlements is contributed to IIROC’s Restricted Fund, which IIROC uses to fund reasonable costs associated with the administration of IIROC’s hearing panels, capital expenditures necessary to address emerging regulatory issues, projects relating to investor and industry education, and other uses authorized under IIROC’s Recognition Orders.

IIROC’s Restricted Fund Policy (pdf) sets out the guiding principles that IIROC uses to allocate Restricted Funds, the process by which IIROC management reviews and the IIROC Corporate Governance Committee approves uses of Restricted Funds, and the requirements for external requests for funding from the Restricted Fund.

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