Canadian Securities Regulators Release IIROC Oversight Review Report


Toronto - The Canadian Securities Administrators (CSA) today released the Oversight Review Report of the Investment Industry Regulatory Organization of Canada(pdf - 138 KB)This link will open in a new windowUpdated on March 3, 2016IIROC Oversight Report - March 3, 2016 (IIROC) that evaluates whether specific regulatory processes are operating effectively, and outlines findings that are significant and require corrective action.

This coordinated review covered the period from January 1, 2014 to March 31, 2015 and was conducted jointly by eight of the provincial securities regulators that recognize IIROC: the Alberta Securities Commission; the Autorité des marchés financiers; the British Columbia Securities Commission; the Financial and Consumer Affairs Authority of Saskatchewan; the Financial and Consumer Services Commission of New Brunswick; the Manitoba Securities Commission; the Nova Scotia Securities Commission; and the Ontario Securities Commission. IIROC is also recognized by the Newfoundland and Labrador Office of the Superintendent of Securities and the Prince Edward Island Office of the Superintendent of Securities Office (Recognizing Regulators).

Based on their annual assessment of IIROC functional area or key process risks, the Recognizing Regulators selected high and above-average risk areas as the focus for the review, including Enforcement, Information Technology and Business Conduct Compliance. Consideration was given to the prior oversight review and whether findings identified in that review have been resolved, as well as current issues and market conditions that may affect IIROC.

In summary, the Recognizing Regulators noted two high priority findings in IIROC's Enforcement department related to managing access to the case management database and maintaining case file standards, which had previously been identified during the 2014 Oversight Review. The Recognizing Regulators also noted other process-related issues in the review that IIROC must address in the Enforcement, Information Technology and Business Conduct Compliance departments.

The Oversight Review Report outlines IIROC's responses to the findings and the Recognizing Regulators' evaluation of, and intended follow-up to, those responses.

Other than the findings noted, the Recognizing Regulators did not identify concerns with IIROC meeting the relevant terms and conditions of the recognition orders in the areas covered.

The Recognizing Regulators will continue to monitor IIROC's progress in resolving these findings as part of their ongoing oversight activities.

The Oversight Review Report (pdf - 138 KB)This link will open in a new windowUpdated on March 3, 2016IIROC Oversight Report - March 3, 2016 is available on the Recognizing Regulators' websites.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge


Alberta Securities Commission

Mark Dickey


British Columbia Securities Commission

Richard Gilhooley


Financial and Consumer Affairs, Saskatchewan

Shannon McMillan


Financial and Consumer Services Commission, New Brunswick

Andrew Nicholson


Manitoba Securities Commission

Ainsley Cunningham


Nova Scotia Securities Commission

Tanya Wiltshire


Nunavut Securities Office

Jeff Mason


Office of the Superintendent of Securities, Newfoundland and Labrador

John O'Brien


Office of the Superintendent of Securities, Northwest Territories

Tom Hall


Office of the Superintendent of Securities, P.E.I.

Janice Callbeck


Office of the Yukon Superintendent of Securities

Rhonda Horte


Ontario Securities Commission

Kristen Rose