Enforcement 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.

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 April 30, 2023


Case Assessment

Number of Case Assessment files currently open: 101

Case assessment files opened by source:

April 30, 2023 ​2022 2021
​Public​ 51 156 118
ComSet 62 151 114
Internal 12 40 23
Other SROs and Commissions 35  24 17
Other 4 12 7
Total 164 383 279
Case Assessment Bar Graph as at April 30, 2023


Most common regulatory allegations based on 164 files and 302 allegations.

Case Assessment bar graph - by allegations - April 2023 (Unsuitable investments 31, Unauthorized and discretionary trading 25, Complaint Handling 14, Misrepresentation 18, Supervision 42)


Note: each file may contain more than one allegation.

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Investigations

Number of investigations currently open: 81

Number of investigations completed:

as at
April 30, 2023
​2022 ​2021
33 93 ​76
Investigations Bar Graph as at April 30, 2023


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Enforcement Proceedings

Current proceedings: 7

Proceedings Completed:

as at
April 30, 2023
​2022 ​2021
6 37 ​25
Prosecutions Bar Graph as at April 30, 2023


*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: 1

Sanctions Imposed on Firms

  as at
April 30, 2023
​2022 ​2021
​Decisions 1 13 5

​Fines

0 $1,297,000.00 $997,500.00
Costs 0 $157,500.00 $130,000.00
Disgorgement 0 $0 $0
Total 0 $1,454,500.00 $1,127,500.00
Permanent suspension 0 1 0
Termination 1 3 1
Cautionary letter* 0 0 0


Sanctions Imposed on Individuals

  as at
April 30, 2023
​2022 ​2021
​Decisions 5 24 20
​Fines $2,618,974.00 $7,928,020.65 $938,000.00
Costs​ $110,000.00 $694,022.14 $295,000.00
Disgorgement $12,600.00 $5,063,100.59   $183,732.72
Total $2,741,574.00 $13,685,143.38 $1,416,732.72
Suspension 3  13 12
Permanent bar 1 5 2
​Cautionary letter* 0 0 0
Conditions 5 10 9


*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, 2023 ​2022 2021 2020
​Number of reports in ComSet​​ 512 1504 1049 1353
Number of events reported​​        
   ​Civil claim​​ 52 209 112 97​
   ​Criminal charge 1 2 3 2
   ​Customer complaint 404 1201 823 1173
   ​Denial of registration or approval​ 0 1 0 0
   ​External disciplinary action​ 3 5 1 0
   ​Internal disciplinary action​ 21 53 64 34
   ​Internal investigation​ 31 69  46 47


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Welcome to CIRO.ca!

We have a new look! Today is the first day you can find the Canadian Investment Regulatory Organization (CIRO) at CIRO.ca with our fresh look and feel.

You can now find new publications published by CIRO since January 1, 2023 on CIRO.ca. If you are looking for past notices or bulletins published by MFDA or IIROC, you can find those on our legacy websites. Enforcement related content will continue on those websites as well.

You can now find previous Annual Reports and Enforcement Reports on CIRO.ca, along with Halts and Resumption, and our ePublications sign up (for all previous MFDA and IIROC subscriber lists).

We will continue moving items off MFDA and IIROC in 2023/2024. Stay tuned for future updates.