Investment Industry Regulatory Organization of Canada

Investment Industry Regulatory Organization of Canada

The Investment Industry Regulatory Organization of Canada, abbreviated IIROC, is a non-profit, national self-regulatory organization (also known as an "SRO"). Established in 2008 through the merger of the Investment Dealers Association of Canada and Market Regulation Services Inc. on June 1, 2008, [cite web|url=http://www.osc.gov.on.ca/MarketRegulation/SRO/sro_index.jsp|title=Self-regulatory organizations (SROs) |publisher=Ontario Securities Commission |accessdate=2008-08-20 ] the IIROC regulates securities dealers which operate in Canada's equity and debt markets, and is overseen by the Canadian Securities Administrators. [cite web |url=http://www.investmentexecutive.com/client/en/News/DetailNews.asp?IdPub=163&Id=44367&cat=27&IdSection=27&PageMem=&nbNews= |title=Long wait almost over for merged regulator |last=Langton |first=James |work=Investment Executive |month=May |year=2008 |accessdate=2008-08-14 ]

The organization sets regulatory and investment industry standards and has quasi-judicial powers in that it holds compliance hearings and has the power to suspend, fine and expel members and registered representatives, such as advisers. [cite web |url=http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=45560&cat=8&IdSection=8&PageMem=&nbNews= |title=IIROC imposes $2 million fine on TD Waterhouse |first=Kate |last=Betts-Willmott |work=Investment Executive |date=2008-07-31 |accessdate=2008-08-14 ] However, it has often been criticized by investor advocates as ineffective. [cite web |url=http://www.investorvoice.ca/IDA/Comset/Comset_12Feb07.htm=8&PageMem=&nbNews= |title=Advocate flouts regulator |first=Gary |last=Norris |work=The Canadian Press |date=2007-02-12 |accessdate=2008-08-14 ]

Although the organization states it has the power to discipline former members, a recent Ontario court decision in the matter of Stephen Taub ruled the Ontario Securities Act does not allow this. [cite web |url=http://www.reportonbusiness.com/servlet/story/RTGAM.20080722.wlawcolumn23/BNStory/robLawPage/home?cid=al_gam_mostemail |first=Jacquie |last=McNish |title=Lawyer finds gaping hole in securities law. |work=The Globe and Mail |date=2008-07-22 |accessdate=2008-08-14 ] A leave to appeal has been filed in the Taub case by regulators. [cite web |url=http://www.investmentexecutive.com/client/en/News/DetailNews.asp?Id=45382&cat=8&IdSection=8&PageMem=&nbNews= |title=IIROC to appeal Taub decision |work=Investment Executive |date=2008-07-17 |accessdate=2008-08-14 ] The Ontario court decision does not apply to Saskatchewan and Alberta, where provincial securities regulations state that self regulatory organizations do have the power to pursue enforcement activities with regards to former members.

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