Ontario and N.B. have highest rates of outstanding IIROC fines

As the country’s biggest province, it’s no surprise that Ontario has the most IIROC registrants and the most fines outstanding since 2008—$18 million as of June 30, 2016.

But what may be surprising is that Ontarians owe more than their share of the national fines outstanding to IIROC: Ontario’s fines are 62% of the national total, but the province accounts for just 49% of approved persons in jurisdictions with outstanding fines. New Brunswick and P.E.I. are the other two provinces with a higher proportion of outstanding fines than approved persons.

B.C. and Quebec come in second and third in fines owed by dollar amount, but both provinces have a lower proportion of outstanding fines than they do approved persons.

Nationally, outstanding fines amount to almost $30 million. Alberta and Quebec are the only provinces where IIROC can use the courts to enforce sanction decisions. In 2015, the SRO only collected 13.2% of the fines against individuals across the country, versus 19.8% in 2014.

Read: IIROC wants court authority to collect fines

*As of June 30, 2016. Source: IIROC

**As of March 31, 2016. Source: IIROC 2015-2016 Annual Report

Melissa Shin

Melissa is the editorial director of Advisor.ca and leads Newcom Media Inc.’s group of financial publications. She has been with the team since 2011 and been recognized by PMAC and CFA Society Toronto for her reporting. Reach her at mshin@newcom.ca. You may also call or text 416-847-8038 to provide a confidential tip.