IIROC maintains statistics on the complaints it receives and the investigations and prosecutions it conducts. It also tracks disciplinary statistics for those complaints and matters that regulated firms are required to file to IIROC through the Complaints and Settlement Reporting System (ComSet). IIROC monitors this information to identify potential emerging regulatory issues in the industry it regulates.
Below you will find Enforcement Statistics. If you are looking for Complaints and Inquiries Statistics, please visit our Complaints and Inquiries Statistics page.
Dated as of August 31, 2023
Case Assessment
Number of Case Assessment files currently open: 61
Case assessment files opened by source:
| | August 31, 2023 | 2022 | 2021 |
|---|---|---|---|
| Public | 92 | 156 | 118 |
| ComSet | 108 | 151 | 114 |
| Internal | 21 | 40 | 23 |
| Other SROs and Commissions | 59 | 24 | 17 |
| Other | 9 | 12 | 7 |
| Total | 289 | 383 | 279 |
Most common regulatory allegations based on 289 files and 521 allegations.
Note: each file may contain more than one allegation.
Investigations
Number of investigations currently open: 77
Number of investigations completed:
| as at August 31, 2023 |
2022 | 2021 |
|---|---|---|
| 58 | 93 | 76 |
Enforcement Proceedings
Current proceedings: 12
Proceedings Completed:
| as at August 31, 2023 |
2022 | 2021 |
|---|---|---|
| 16 | 37 | 25 |
*A proceeding is completed when there is a final decision by an IIROC hearing panel, securities commission, or court. Any decisions under appeal are not included.
Current Appeals of IIROC hearing panel decisions: 2
Sanctions Imposed on Firms
| as at August 31, 2023 |
2022 | 2021 | |
|---|---|---|---|
| Decisions | 3 | 13 | 5 |
|
Fines |
$100,000.00 | $1,297,000.00 | $997,500.00 |
| Costs | $15,000.00 | $157,500.00 | $130,000.00 |
| Disgorgement | $611,306.18 | $0 | $0 |
| Total | $726,306.18 | $1,454,500.00 | $1,127,500.00 |
| Permanent suspension | 1 | 1 | 0 |
| Termination | 1 | 3 | 1 |
| Cautionary letter* | 1 | 1 | 1 |
Sanctions Imposed on Individuals
| as at August 31, 2023 |
2022 | 2021 | |
|---|---|---|---|
| Decisions | 31 | 24 | 20 |
| Fines | $2,869,435.00 | $7,928,020.65 | $938,000.00 |
| Costs | $152,500.00 | $694,022.14 | $295,000.00 |
| Disgorgement | $49,481.00 | $5,063,100.59 | $183,732.72 |
| Total | $3,071,416.00 | $13,685,143.38 | $1,416,732.72 |
| Suspension | 7 | 13 | 12 |
| Permanent bar | 1 | 5 | 2 |
| Conditions | 10 | 10 | 9 |
| Cautionary letter* | 6 | 19 | 6 |
*Issued at the Investigation and Prosecution stage only. Cautionary letters issued at the Case Assessment stage are not included.
Statistics Filed by Dealer Firms (COMSET)
IIROC rules require Dealer Members to inform IIROC, using IIROC’s Complaints and Settlement Reporting System (ComSet), when certain events occur, including when a Dealer Member receives a written client complaint, when criminal charges are laid against a Dealer Member or any of its individual registrants, or when a securities-related civil claim is brought by a client.
With ComSet, staff can identify new and emerging compliance or regulatory issues, as well as patterns and trends in the industry, at the national, regional and firm level that help to direct focus on potential problems, areas that require enhanced compliance review, or events that warrant enforcement action. All ComSet events are reviewed by Case Assessment staff to determine whether the opening of a Case Assessment file is warranted.
| | as at August 31, 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|
| Number of reports in ComSet | 972 | 1504 | 1049 | 1353 |
| Number of events reported | ||||
| Civil claim | 101 | 209 | 112 | 97 |
| Criminal charge | 3 | 2 | 3 | 2 |
| Customer complaint | 763 | 1201 | 823 | 1173 |
| Denial of registration or approval | 1 | 1 | 0 | 0 |
| External disciplinary action | 4 | 5 | 1 | 0 |
| Internal disciplinary action | 45 | 53 | 64 | 34 |
| Internal investigation | 55 | 69 | 46 | 47 |