Statistics

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.

Dated as of April 30, 2022


Case Assessment

Number of Case Assessment files currently open: 91

Case assessment files opened by source:

as at
April 30, 2022
​2021​2020
​Public​48118244
ComSet5011493
Internal182321
Other SROs and Commissions7 1717
Other679
Total129279384

 

Bar graph showing case assessment files opened by source

 

Most common regulatory allegations based on 129 files and 282 allegations.

Bar graph showing case assessment - by allegations (Unsuitable investments 24, Unauthorized and discretionary trading 29, Complaint Handling 18, Misrepresentation 15, Supervision 13)

Note: each file may contain more than one allegation.

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Investigations

Number of investigations currently open: 106

Number of investigations completed:

as at
April 30, 2022
​2021 ​2020
29 76 ​119
Bar graph showing number of investigations completed

 

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Enforcement Proceedings

Current proceedings: 11

Proceedings Completed:

as at
April 30, 2022
​2021 ​2020
12 25 ​32

 

Bar graph showing number of enforcement proceedings completed

*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: 5

Sanctions Imposed on Firms

  as at
April 30, 2022
​2021 ​2020
​Decisions 3 5 10

​Fines

$373,000.00 $997,500.00 $5,210,000.00
Costs $40,000.00 $130,000.00 $138,497.00
Disgorgement $0 $0 $16,242.00
Total $413,000.00 $1,127,500.00 $5,364,739.00
Permanent suspension 1 0 1
Termination 0 1 2
Cautionary letter* 0 0 0


Sanctions Imposed on Individuals

  as at
April 30, 2022
​2021 ​2020
​Decisions 9 20 22
​Fines $1,301,770.65  $938,000.00 $781,500.00
Costs​ $226,022.14  $295,000.00 $122,500.00
Disgorgement $149,025.59   $183,732.72 $33,401.00
Total $1,676,818.38   $1,416,732.72 ​​$937,401.00
Suspension 3  12 15
Permanent bar 3 2 1
​Cautionary letter* 0 0 6
Conditions 2 9 13

 

*issued at the prosecution stage only. Cautionary Letters issued at the Case Assessment or Investigation stage are not included.

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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.

April 30, 2022 ​2021 ​2020 ​2019
​Number of reports in ComSet​​ 409 1049 1353 1107
Number of events reported​​        
   ​Civil claim​​ 30 112 97 91​
   ​Criminal charge 0 3 2 4
   ​Customer complaint 342 823 1173 921
   ​Denial of registration or approval​ 0 0 0 0
   ​External disciplinary action​ 0 1 0 3
   ​Internal disciplinary action​ 15 64 34 31
   ​Internal investigation​ 22 46  47 57


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