Date opened: April 25, 2019
Date closed: July 24, 2019
On February 22, 2018, IIROC published a preliminary proposal (Notice 18-0045) requesting comments on two proposed alternative forms of disciplinary action:
- the Minor Contravention Program (MCP), and
- Early Resolution Offers.
We are proposing amendments to IIROC’s Consolidated Enforcement, Examination and Approval Rules (the Consolidated Rules) to adopt the MCP with certain modifications. Specifically, we are proposing amendments to Consolidated Rules 1200, 8200 and 8400 (the Proposed Amendments).
We are also proposing to adopt a Staff Policy Statement on Early Resolution Offers (the Staff Policy Statement).
The Proposed Amendments and the Staff Policy Statement would expand the options available to IIROC Enforcement Staff (Staff) to address wrongdoing in a fair and proportionate manner. The MCP would provide a more efficient means to resolve cases that cannot be adequately addressed by way of a Cautionary Letter but do not warrant formal disciplinary proceeding. The Staff Policy Statement would promote resolving cases efficiently by encouraging settlement agreements at an earlier point in the enforcement process.