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 February 28, 2023


Case Assessment

Number of Case Assessment files currently open: 101

Case assessment files opened by source:

February 28, 2023 ​2022 2021
​Public​ 22 156 118
ComSet 26 151 114
Internal 5 40 23
Other SROs and Commissions 21  24 17
Other 3 12 7
Total 77 383 279
Case Assessment Bar Graph as at February 28, 2023


Most common regulatory allegations based on 77 files and 150 allegations.

Case Assessment bar graph - by allegations - February 2023 (Unsuitable investments 13, Unauthorized and discretionary trading 16, Complaint Handling 7, Misrepresentation 6, Supervision 25)


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
February 28, 2023
​2022 ​2021
15 93 ​76
Investigations Bar Graph as at February 28, 2023


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Enforcement Proceedings

Current proceedings: 9

Proceedings Completed:

as at
February 28, 2023
​2022 ​2021
1 37 ​25
Prosecutions Bar Graph as at February 28, 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: 3

Sanctions Imposed on Firms

  as at
February 28, 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
February 28, 2023
​2022 ​2021
​Decisions 0 24 20
​Fines 0 $7,928,020.65 $938,000.00
Costs​ 0 $694,022.14 $295,000.00
Disgorgement 0 $5,063,100.59   $183,732.72
Total 0 $13,685,143.38 $1,416,732.72
Suspension 0  13 12
Permanent bar 0 5 2
​Cautionary letter* 0 0 0
Conditions 0 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.

February 28, 2023 ​2022 2021 2020
​Number of reports in ComSet​​ 234 1504 1049 1353
Number of events reported​​        
   ​Civil claim​​ 24 209 112 97​
   ​Criminal charge 1 2 3 2
   ​Customer complaint 183 1201 823 1173
   ​Denial of registration or approval​ 0 1 0 0
   ​External disciplinary action​ 1 5 1 0
   ​Internal disciplinary action​ 12 53 64 34
   ​Internal investigation​ 13 69  46 47


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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.