IIROC handed out $5.3 million in fines

September 8, 2014 | Last updated on September 8, 2014
2 min read

Since March 2013, IIROC’s issued about $5.3 million in fines, according to its 2013-2014 annual report.

The report notes the SRO handed out 28 suspensions and 8 bans, and conducted 222 enforcement investigations.

A breakdown of IIROC’s 195 dealer members shows the majority (108) are retail firms, while 78 are institutional and 9 are integrated. As of March 2014, 187 are in good standing, while 2 are resigning and 6 are suspended.

Read: IIROC hands out $5.6 million in fines, for more on its 2013 report.

In the report, current president and CEO Susan Wolburgh Jenah says, “Over the past year, we have continued to exercise prudent…management of our resources. We have made progress on important regulatory initiatives and necessary investments in our human resource and technology infrastructure, while carefully controlling costs.

“As a result, our dealer and market regulation fees remain unchanged for fiscal 2015. Since 2008, IIROC’s [also] returned to members more than $42.5 million, consisting of excess of revenue over expenses and proceeds from the Maple acquisition of IIROC’s shares in the Canadian Depository for Securities.” For a look at IIROC’s financials, click here.

In terms of ongoing initiatives, she points to several consultation papers and rules changes. These include:

  • the publishing of priority and policy updates each quarter;
  • the SRO’s high-frequency trading study, which is in its final research phase;
  • the implementation and monitoring of a new framework governing dark pools;
  • the review of members’ registration and CE requirements;
  • the continuing implementation of CRM II; and
  • the enhancement of investor education through new, online resources.

Furher, IIROC aims to offer “more timely and effective regulatory oversight of trading activity in the debt markets,” which follows OSC’s announcement that it plans to review corporate bond transparency. For more on OSC’s priorities, click here.

This is key, says the report, since “participation in the debt market by institutional and retail investors has increased significantly in recent years…The value of bond trading in Canada in 2013 was estimated to be $11.9 trillion, compared with $1.95 trillion in equity markets.”

Read report highlights or download the full report here, and check out IIROC’s top seven goals.

Also read:

IIROC names new CEO

IIROC to review registration, CE requirements

IIROC publishes CDOR code of conduct