The Investment Industry Regulatory Organization of Canada has issued final sanction guidelines that set out general principles and key factors that must be considered by regulatory hearing panels.
Effective February 2, 2015, these guidelines will be applied to all disciplinary and settlement proceedings.
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The new IIROC Sanction Guidelines consolidate, update and replace all previous versions of the Dealer Member and Universal Market Integrity Rule (UMIR) sanction guidelines. These are used to assist in determining appropriate sanctions in disciplinary proceedings.
IIROC is aiming to “strengthen [its] enforcement process [so as to] better detect, deter and disrupt potential regulatory misconduct, as well as to identify and react to harmful market activity,” says Paul Riccardi, senior vice-president of Member Regulation.
IIROC has also released companion policy statements that offer guidance on its approach to common issues that arise during settlement negotiations and disciplinary proceedings.