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 October 31, 2022


Case Assessment

Number of Case Assessment files currently open: 75

Case assessment files opened by source:

October 31, 2022 ​2021 ​2020
​Public​ 120 118 244
ComSet 111 114 93
Internal 32 23 21
Other SROs and Commissions 16  17 17
Other 11 7 9
Total 290 279 384
Case Assessment Bar Graph as at October 31, 2022


Most common regulatory allegations based on 290 files and 617 allegations.

Case Assessment bar graph - by allegations - October 2022 (Unsuitable investments 71, Unauthorized and discretionary trading 59, Complaint Handling 41, Misrepresentation 27, Supervision 34)


Note: each file may contain more than one allegation.

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Investigations

Number of investigations currently open: 102

Number of investigations completed:

as at
October 31, 2022
​2021 ​2020
65 76 ​119
Investigations Bar Graph as at October 31, 2022


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Enforcement Proceedings

Current proceedings: 8

Proceedings Completed:

as at
October 31, 2022
​2021 ​2020
30 25 ​32
Prosecutions Bar Graph as at October 31, 2022


*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: 4

Sanctions Imposed on Firms

  as at
October 31, 2022
​2021 ​2020
​Decisions 10 5 10

​Fines

$1,088,000.00 $997,500.00 $5,210,000.00
Costs $142,500.00 $130,000.00 $138,497.00
Disgorgement $0 $0 $16,242.00
Total $1,230,500.00 $1,127,500.00 $5,364,739.00
Permanent suspension 1 0 1
Termination 2 1 2
Cautionary letter* 0 0 0


Sanctions Imposed on Individuals

  as at
October 31, 2022
​2021 ​2020
​Decisions 20 20 22
​Fines $6,773,020.65 $938,000.00 $781,500.00
Costs​ $549,022.14 $295,000.00 $122,500.00
Disgorgement $213,100.59   $183,732.72 $33,401.00
Total $7,535,143.38 $1,416,732.72 ​​$937,401.00
Suspension 11  12 15
Permanent bar 4 2 1
​Cautionary letter* 0 0 6
Conditions 9 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.

October 31, 2022 ​2021 ​2020 ​2019
​Number of reports in ComSet​​ 1165 1049 1353 1107
Number of events reported​​        
   ​Civil claim​​ 107 112 97 91​
   ​Criminal charge 1 3 2 4
   ​Customer complaint 957 823 1173 921
   ​Denial of registration or approval​ 0 0 0 0
   ​External disciplinary action​ 0 1 0 3
   ​Internal disciplinary action​ 42 64 34 31
   ​Internal investigation​ 58 46  47 57


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