Minor Contravention Program and Early Resolution Offers 

Date opened: April 25, 2019

Date closed: July 24, 2019

Status: Closed

Summary/details:

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. 

Notices about this consultation:

MFDA and IIROC have consolidated

As of January 1, 2023 the MFDA and IIROC have come together as New Self-Regulatory Organization of Canada (New SRO).

New SRO has assumed the regulatory responsibilities of the MFDA and IIROC.

We have set up an interim website for updates and information related to the New SRO including:

  • Executive Management
  • Governance
  • New SRO Rules
  • Member Application
  • Investor Office and the Investor Advisory Panel
  • Information concerning mutual fund dealers registered in Québec
  • Complaints
  • Careers

Enforcement proceedings, membership lists, continuing education, investor education resources and any other information not set out above continue to reside on www.mfda.ca and www.iiroc.ca.