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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 July 31, 2020

Case Assessment

Number of Case Assessments files currently open: 116

Case assessment files opened by source

2020 ​2019 ​2018 ​
​Public​ 169
184 158
ComSet 65
98 125
Internal 9
21 40
Other SROs and Commissions 10
 15 23
Other 8
7 2
Total 261
325 348


Case assessment files opened by Type

​2020 ​2019 ​2018​ ​
Unauthorized and discretionary trading 57
70 ​83
Unsuitable investments 74
101 91
Misrepresentation 31
20 13
Service issues 34
30 17
Other 65
104 ​144
Total  261
325 348

  
Bar graph showing case assessment files opened by source

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Investigations

Number of investigations currently open: 110

Number of investigations completed:

2020 ​ 2019 ​2018 ​
74
104 ​127

 

Bar graph showing number of investigations completed

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Prosecutions

Number of prosecutions currently open: 41

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.

2020 ​ 2019 ​2018​ ​
19
36 ​52
Bar graph showing number of prosecutions completed

 

Sanctions Imposed on Firms

2020 ​ 2019 ​2018
​Decisions 6
8 10
​Fines
$5,005,000.00
$1,775,000.00
$860,000.00
Costs $123,497.00
$60,000.00
$55,500.00
Disgorgement $16,242.00
$0 $0
Total $5,144,739.00
$1,835,000.00
$915,500.00
Permanent suspension 1
1 0
Termination 0 1 2
Cautionary letter* 0 1 0​


Sanctions Imposed on Individuals

2020 ​2019 ​2018​
​Decisions 13
28 42
​Fines $429,000.00  $1,595,000.00 $2,770,000
Costs​  $37,500.00  $249,000.00 $340,000
Disgorgement  $30,000.00
  $135,071.00 $133,711.75
Total  $496,500.00  $1,979,071.00 ​​$3,243,711.75
Suspension 9
 14 21
Permanent bar 1
 3 5
​Cautionary letter* 2
 9 9
Conditions 8
  22 21​​

 

* issued at the prosecution stage only. Cautionary Letters issued at the Case Assessment or Investigation stage are not included.

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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.

2020 ​2019 ​2018 ​2017
​Number of reports in ComSet​​ 831
1107 1089 1133
Number of events reported​​  
   ​Civil claim​​ 55
91 129​ 139​
   ​Criminal charge 1
4 1 4
   ​Customer complaint 729
921 866 903
   ​Denial of registration or approval​ 0 0 - -
   ​External disciplinary action​ 0 3 4 4
   ​Internal disciplinary action​ 17
31 27 36
   ​Internal investigation​ 29
 57  62  47


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