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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 September 30, 2020

Case Assessment

Number of Case Assessment files currently open: 103

Case assessment files opened by source

as at
September 30, 2020
​2019 ​2018 ​
​Public​ 199
184 158
ComSet 75
98 125
Internal 13
21 40
Other SROs and Commissions 13
 15 23
Other 8
7 2
Total 308
325 348

  
Bar graph showing case assessment files opened by source

Most common regulatory allegations based on 308 files and 716 allegations.


Bar graph showing case assessment - by allegations

Note: each file may contain more than one allegation.


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Investigations

Number of investigations currently open: 113

Number of investigations completed:

as at
September 30, 2020
​ 2019 ​2018 ​
84
104 ​127

 

Bar graph showing number of investigations completed

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Prosecutions

Number of prosecutions currently open: 36

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.

as at
September 30, 2020
​ 2019 ​2018​ ​
26
36 ​52



Bar graph showing number of prosecutions completed

 

Sanctions Imposed on Firms

as at
 September 30, 2020
​ 2019 ​2018
​Decisions 7
8 10
​Fines
$5,135,000.00
$1,775,000.00
$860,000.00
Costs $128,497.00
$60,000.00
$55,500.00
Disgorgement $16,242.00
$0.00
$0.00
Total $5,279,739.00
$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

as at
 September 30, 2020
​2019 ​2018​
​Decisions 19
28 42
​Fines $611,500.00  $1,595,000.00 $2,770,000.00
Costs​  $86,500.00  $249,000.00 $340,000.00
Disgorgement  $33,401.00
  $135,071.00 $133,711.75
Total  $731,401.00  $1,979,071.00 ​​$3,243,711.75
Suspension 13
 14 21
Permanent bar 1
 3 5
​Cautionary letter* 2
 9 9
Conditions 11
  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.

September 30, 2020 ​2019 ​2018 ​2017
​Number of reports in ComSet​​ 1053
1107 1089 1133
Number of events reported​​  
   ​Civil claim​​ 71
91 129​ 139​
   ​Criminal charge 2
4 1 4
   ​Customer complaint 917
921 866 903
   ​Denial of registration or approval​ 0 0 - -
   ​External disciplinary action​ 0 3 4 4
   ​Internal disciplinary action​ 28
31 27 36
   ​Internal investigation​ 35
 57  62  47


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