Mediation is an alternative dispute resolution tool that may be used in appropriate cases to assist Enforcement Staff and the subject of an enforcement proceeding in reaching a settlement agreement in a timely and cost-effective manner. Mediation is conducted by a neutral third-party mediator.
Mediation is a voluntary process and must be agreed to by both parties (Enforcement Staff and the subject of the enforcement proceeding). Enforcement Staff will not agree to a mediation where it would result in undue delay to the commencement of the enforcement proceeding or a hearing. The mediation process is intended to facilitate settlement of an enforcement proceeding, not to offer an evaluation of the merits of the case.
The parties must agree to the choice of mediator. IIROC has no pre-approved roster of mediators, but consideration will be given to knowledge and experience in the securities regulatory industry, general mediation experience, and the absence of any conflict of interest with the parties.
The parties must enter into a mediation agreement that sets out the terms of the mediation process. The costs of the mediator are to be shared equally between the parties, unless otherwise agreed.
A settlement agreement reached through mediation must be approved by an IIROC Hearing Panel as set out in IIROC Rule 8200.