A Hearing Panel may issue a decision in writing or orally at the end of the hearing. At the end of a settlement hearing, a Hearing Panel will often tell the parties whether it accepts or rejects the settlement. That is the decision. What follows is the written reasons for decision.
Publication and Enforceability
The NHO issues a decision to the parties as soon as it is rendered by the Hearing Panel. Unless stated otherwise, a Hearing Panel decision is effective on the date it is dated.
All decisions are published on the website (except decisions to reject a settlement agreement).
IIROC has the ability to enforce decisions and collect fines through courts in every province and territory of Canada (pdf).
Search Decisions
To search for a Hearing Panel decision, you may visit:
- Enforcement proceeding listed on IIROC’s website or
- CanLII (the Canadian Legal Information Institute) database.
Review or Appeal a Decision
Hearing Panel decisions can be reviewed by the relevant provincial securities authorities. Consult the securities legislation in your province to determine the proper procedure to launch a review, a.k.a. an appeal and take note of any applicable deadlines:
- Alberta Securities Commission
- British Columbia Securities Commission
- Manitoba Securities Commission
- Financial and Consumer Services Commission in New Brunswick
- Service Newfoundland
- Northwest Territories Superintendent of Securities
- Nova Scotia Securities Commission
- Office of the Superintendent of Securities of Nunavut
- Capital Markets Tribunal - Ontario Securities Commission
- Prince Edward Island Office of the Superintendent of Securities
- Tribunal administratif des marchés financiers in Québec
- Financial and Consumer Affairs Authority in Saskatchewan
- Yukon Superintendent of Securities
Welcome to CIRO.ca!
We have a new look! 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.