Staff Policy Statement – Early Resolution Offers

21-0058
Type: Enforcement Notice> General
Rule connection:
UMIR
Legacy DMR Rules
Distribute internally to:
Institutional
Legal and Compliance
Operations
Senior Management
Retail

Contact:

Charles Corlett
Vice-President, Enforcement
Telephone:
Email:
Madeleine A. Cooper
Policy Counsel, Member Regulation Policy
Telephone:
Email:

Executive Summary

We are adopting the Staff Policy Statement on Early Resolution Offers that was originally published for comment on April 25, 2019 (Notice 19-0076), with minor revisions that clarify the purpose, application and scope of the policy.

The Staff Policy Statement on Early Resolution Offers is intended to promote the timely resolution of cases, increase the application of the Staff Policy Statement on Credit for Cooperation, and encourage Dealer Members (Dealers) to implement timely compensation and remedial measures.

Dealers and Approved Persons who choose to resolve a case by Early Resolution Offer will be granted a reduction of 30% on the sanctions IIROC Enforcement Staff (Staff) would otherwise seek in a settlement agreement and a quicker resolution of the proposed enforcement proceeding.

The Staff Policy Statement on Early Resolution Offers sets out the criteria Staff will consider in determining whether to make an Early Resolution Offer and the contents of such an offer.

The Staff Policy Statement is attached as Appendix A and can be found on the IIROC website here.

We summarized the public comments we received on the Early Resolution Offers proposal along with our responses in Appendix B.

Appendix A – Staff Policy Statement – Early Resolution Offers

Appendix B – Response to Public Comments on Notice 19-0076

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.