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Hearing Panels

Hearing Committee members sit on disciplinary and other regulatory hearings as adjudicators typically in panels of three, referred to collectively as Hearing Panels.

Hearing Panel members are independent and decide matters based only on the evidence that is put before them by the parties, which are usually referred to as Enforcement Staff and Respondents. Respondents may be individual investment advisors or Dealer Member firms.

IIROC Rules require that, with certain exceptions, Hearing Panel members reside in the province where the hearing is taking place. The hearings are therefore scheduled and take place locally in the 10 Districts.

The conduct of hearings is governed by IIROC Rule 8400 - Rules of Practice and Procedure.

Make-up

Typically, Hearing Panels sit in panels of three. The Chair of a hearing panel is a public member, who is either a retired judge or senior lawyer. The other two panel members are representatives of the investment industry and may be either active or retired. First appearances are often presided by a panel of one, typically the Chair. In exceptional circumstances, with consent of the parties, a proceeding may be heard by a panel of two members.

Term of appointment

Members are appointed to the Hearing Committees for a three-year term and can be reappointed to successive terms.

Appointment

The Corporate Governance Committee of the Board reviews applications and appoints the Hearing Committees members, taking into account the individual’s:

  • general knowledge of business practices and securities legislation,
  • experience,
  • regulatory background,
  • availability for hearings,
  • reputation in the securities industry,
  • ability to conduct hearings in French or English, and
  • Districts in which individuals would be entitled to serve.

Panel Members

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