Hearing Process

The conduct of Enforcement proceedings is governed by the Procedural Rules found in IIROC Rules 8200 through 8400.

Disciplinary proceedings are commenced and carried out by Enforcement. Respondents in disciplinary proceedings may be individual advisors or Dealer Member firms, who have allegedly engaged in misconduct resulting in breaches of the IIROC Rules or UMIR. Ultimately, a disciplinary matter will be heard and decided by a Hearing Panel.

There are different types of hearings, e.g., first appearance, prehearing conference, motion, settlement hearing, liability hearing (a.k.a. hearing on the merits) and sanction hearing. These may proceed in a different format, including in-person, in writing, a fully electronic or a hybrid mode.

A proceeding may be commenced by a Notice of Hearing, Notice of Motion or Notice of Application. Enforcement Staff may also file a Statement of Allegations setting out alleged facts and contraventions. A Respondent has a set time to provide a Response. All documents to be used in a hearing must be served and filed with the National Hearing Officer (NHO).

At the hearing, a Hearing Panel will consider the evidence and submissions presented by the parties, i.e., Enforcement Staff and Respondent(s), and decide on the case in a manner that is fair, just and in the public interest.

The Hearing Panel will make a decision, which is typically rendered in writing following the hearing. Sometimes, Hearing Panels deliver decisions orally at the end of the hearing and follow with their Reasons for Decision in writing after the hearing.

Please see Guide to Hearings for more information.

How to request a hearing date

To request a hearing date, be it a settlement hearing, prehearing conference, motion, liability or penalty hearing, the party making a request needs to fill out the Hearing Date Request Form (pdf) and send it to the NHO at [email protected].

How to respond to the allegations

A Respondent must serve Enforcement Staff and file a Response with the NHO within 30 days from the date of service of a Notice of Hearing.

A Response must contain:

  • the facts the Respondent admits,
  • the facts the Respondent denies and the ground for denial, and
  • all other facts the Respondent relies on.

How to file documents

To file a document, it has to be first served on the opposing party. With a proof of service, the document can be emailed to the NHO at [email protected] for filing. Documents may also be filed by courier or mail delivered to the NHO at:

Investment Industry Regulatory Organization of Canada
National Hearing Officer
Suite 2000, 121 King Street West 
Toronto, Ontario, M5H 3T9

All documents to be used at a hearing should be uploaded by the parties to Case Center. The documents uploaded to Case Center are not considered to be “filed” unless specifically requested by the party and accepted for filing by the NHO.

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.