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.

Read: Pros and cons of no-contest settlements, for more on other IIROC initiatives

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.


UPDATED: IIROC gets report card from CSA

How regulators catch trading errors

IIROC proposes fee model for debt market regulation

Regulator to propose requirements for MFDA advisors

Originally published on
Add a comment

Have your say on this topic! Comments are moderated and may be edited or removed by
site admin as per our Comment Policy. Thanks!

See all comments Recent Comments


Is the recent settlement between the SEC and JP Morgan Chase, Bank of America and Citigroup over the MBS fraud in the US an example of what we might expect going forward in Ontario? Will we ever be allowed to learn the inside facts from the muzzled Canadian “whistle blower” now back in Canada?

Wednesday, Jan 14, 2015 at 10:31 am Reply