May 28, 2021 (Toronto, Ontario) – The Investment Industry Organization of Canada (IIROC) today published its fiscal year 2022 Priorities. The Priorities focus around four key themes: Advancing various initiatives and commitments related to investor protection, supporting industry transformation to more effectively and efficiently serve Canadians, leveraging learnings to manage implications related to the pandemic and supporting the Canadian Securities Administrators (CSA) in their review of the self-regulatory framework and preparing for potential next steps.
"IIROC continues to make great strides to deliver more efficient and effective regulation. We have set out a full slate of priorities for this year to advance investor protection and support industry transformation," said Andrew Kriegler, President and CEO of IIROC. "We also look forward to the Canadian Securities Administrator's release of the specific approach to modernizing the self-regulatory system."
The priorities support the objectives outlined in the three-year Strategic Plan IIROC published in June 2019, as impacted by the pandemic, and the regulator's mission to protect investors and support healthy Canadian capital markets.
IIROC outlined key priorities for the year ahead, including:
Advancing various initiatives and commitments related to investor protection
- Enhancing the protection of vulnerable investors in collaboration with the CSA
- Moving forward with the creation of an Expert Investor Issues Panel
- Strengthening IIROC's enforcement toolkit across every jurisdiction in Canada
- Exploring ways in which to return wrongdoers' ill-gotten gains to harmed investors
- Examining historical online trading availability, functionality and service information for Order-Execution-Only firms
Supporting industry transformation to more effectively and efficiently serve Canadians
- With the CSA, regulating crypto-asset trading platforms, where appropriate
- Modernizing IIROC rules and approach to regulation
- Helping firms build operational resilience through the effective management of cybersecurity and technology risks
Other IIROC initiatives will progress, including the adoption of Client Focused Reform rule amendments, derivatives rule reform, and completing the implementation of client identifier requirements. IIROC will continue to support the CSA in their review of the self-regulatory framework. Decisions made by the CSA may impact the nature and timing of our priorities.
IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 175 Canadian investment dealer firms of varying sizes and business models, and their more than 30,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.