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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.

Dated as of August 31, 2019

Case Assessment

Number of Case Assessments files currently open: 55

Case assessment files opened by source

2019 ​2018 ​2017 ​
​Public​ 110 158 197
ComSet 59 125 150
Internal 13 40 41
Other SROs and Commissions 10  23 18
Other 4 2 4
Total 196 348 410


Case assessment files opened by Type

​2019 ​ 2018 ​2017​ ​
Unauthorized and discretionary trading 29 83 ​49
Unsuitable investments 56 91 111
Misrepresentation 7 13 14
Service issues 8 17 -
Other 96 144 ​236
Total  196 348 410

  
Bar graph showing case assessment files opened by source

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Investigations

Number of investigations currently open: 96

Number of investigations completed:

2019 ​ 2018 ​2017 ​
73 127 ​127

 

Bar graph showing number of investigations completed

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Prosecutions

Number of prosecutions currently open: 59

Number of Prosecutions completed:

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.

2019 ​ 2018 ​2017​ ​
19 52 ​44
Bar graph showing number of prosecutions completed

 

Sanctions Imposed on Firms

2019 ​ 2018 ​2017​
​Decisions 1 10 7
​Fines
$0 $860,000 $830,000
Costs $0 $55,500 $78,500
Disgorgement $0 $0 $100,000
Total $0 $915,500 $1,008,500
Permanent suspension 1 0 1
Termination 0 2 -
Cautionary letter 1 0​ -​


Sanctions Imposed on Individuals

2019 ​2018 ​2017​
​Decisions 18 42 37
​Fines $1,197,500.00  $2,770,000 $2,265,000
Costs​  $212,500.00  $340,000 $366,129
Disgorgement  $131,571.00   $133,711.75 $778,962
Total  $1,541,571.00  $3,243,711.75 ​​$3,410,091
Suspension 11  21 16
Permanent bar 1  5 5
​Cautionary letter 7  9 1
Conditions 16   21 22​​

 

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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.

2019 ​2018 ​2017 ​2016
​Number of reports in ComSet​​ 748 1089 1133 1437
Number of events reported​​  
   ​Civil claim​​ 56 129 139​ 125​
   ​Criminal charge 3 1 4 2
   ​Customer complaint 627 866 903 1207
   ​Denial of registration or approval​ 0 0 - -
   ​External disciplinary action​ 2 4 4 2
   ​Internal disciplinary action​ 18 27 36 41
   ​Internal investigation​ 42  62  47  60


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