September 16, 2022 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) today released its Annual Report for 2021-2022, highlighting how the organization has continued to support Canadians by protecting investors, fostering healthy Canadian capital markets and prioritizing industry transformation.
In addition to delivering on its core mandate of investor protection and market integrity, IIROC made considerable progress on fiscal year 2022 priorities in support of its 3-year strategic plan.
“IIROC accomplished a great deal this year, including completing our quest to be able to enforce fine collection through the courts in every province and territory across the country,” said Andrew J. Kriegler, IIROC President and CEO. “We are also pleased to collaborate with the Montreal Exchange to allow our surveillance teams to work together to strengthen market integrity and further support our ability to share information and address problematic trading practices.”
Highlights of the report include:
- With the passage of legislation in Newfoundland and Labrador, IIROC is now able to enforce fine collection through the courts in every province and territory in Canada.
- The expansion of mandatory client identifiers to Canada's equity as well as debt markets now provides for a far more comprehensive and timely view of market activity, enhancing IIROC’s capability to perform both market monitoring and investigations.
- The Dealer Member Rules were rewritten, reformatted and reorganized in plain language and took effect December 31, 2021.
- IIROC and the Montreal Exchange entered a Memorandum of Understanding to enable cross-asset monitoring of the derivatives and underlying cash markets in Canada to better protect investors.
“As we look forward, I am excited about the future of the New SRO and our continued/combined work to protect Canadian investors and foster healthy capital markets with the proposed amalgamation between IIROC and the Mutual Fund Dealers Association of Canada (MFDA),” said Kriegler. “We continue to make great strides together with our MFDA and Canadian Securities Administrators colleagues to create a single, enhanced self-regulatory organization on January 1, 2023.”
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 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca.