fine-silhouette-scales

Advisors who haven’t paid their IIROC fines or disciplinary costs will be publicly named by IIROC in a new quarterly report.

Read: Investor complaints better handled by arbitration

IIROC published its first report today, naming individuals who haven’t paid fines, disgorgement or costs from disciplinary actions since 2008.

Read: IIROC publishes CDOR code of conduct

There are more than 100 outstanding fines, and total about $24 million. Individual amounts range from $5,000 to more than $5 million. Those facing fines come from Ontario, Quebec, Alberta, Nova Scotia, New Brunswick, British Columbia, Manitoba and Saskatchewan.

Read: Are high-speed traders better regulated in Canada?

Last year, IIROC collected 98.1% of the penalties it levied against firms, and 10.5% of those against individuals. IIROC suspends the licenses of those who don’t pay.

Originally published on Advisor.ca

Add a comment

You must be logged in to comment.

Register on Advisor.ca