Review of the IIROC Arbitration Program

Date opened: December 6, 2022

Date closed:

Status: Open

Summary/details:

Investors’ access to a fair, expeditious and cost-effective dispute resolution process with IIROC Dealer Members (Dealers) fosters confidence in capital markets and the financial services industry. Investors have several options available to them to address their disputes with Dealers. One of them is an arbitration program available to the clients of Dealers pursuant to section 9502 of the IIROC Rules1 , which requires that Dealers participate in binding arbitration at a request of a client (Arbitration Program).

The Arbitration Program has been in place for nearly 30 years and was last reviewed in 2011. In 2020, IIROC asked an independent working group of representatives of investor advocates, investment industry and arbitration professionals familiar with the Arbitration Program to review the current program (Working Group).

We publish the Working Group’s recommendations on the Arbitration Program and welcome comments from all stakeholders. In addition, stakeholders are invited to comment on the role of the Arbitration Program in the current dispute resolution framework, its coexistence with other dispute resolution options available to investors, in particular, the free dispute resolution services through the Ombudsman for Banking Services and Investments (OBSI).

  • 1Previously Dealer Member Rule 37.1, and section 9502 of the Interim Investment Dealer and Partially Consolidated Rules of the New Self-Regulatory Organization of Canada after January 1, 2023.
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.