IIROC sails through CSA review

The Investment Industry Regulatory Organization of Canada (IIROC) has received a clean bill of health from the Canadian Securities Administrators (CSA) following the CSA’s latest oversight review.

The CSA published a report detailing the results of its most recent review of IIROC, which essentially found no real issues with the self-regulatory organization’s (SRO) processes or operations.

The review, which focused on the processes within IIROC’s equity and debt market surveillance functions, found one “low-priority” issue for the SRO to resolve.

IIROC has already resolved the issue, which involved “processes that were not integrated into its surveillance policies and procedures manuals,” the CSA noted.

At the same time, the CSA said its staff also found that “IIROC has made sufficient progress in resolving findings cited in previous oversight reports.”

The outcome of the latest CSA review comes amid expectations that the CSA will soon announce its recommendations for reforming the SRO structure.

IIROC has advocated for a merger with the Mutual Fund Dealers Association of Canada (MFDA), while the MFDA has called for a more fundamental rejigging of the SRO landscape.

The CSA is expected to make its views known sometime this summer.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.