“This report is an important overview of issues and challenges that firms should address to better comply with IIROC’s regulatory standards,” says Victoria Pinnington, IIROC’s Senior Vice President, Market Regulation and Policy. “Ensuring compliance with IIROC’s high standards is an integral part of our mandate to protect investors and maintain confidence in the integrity of Canada’s capital markets.”
Priorities outlined in this year’s report stem from risks and trends identified in firms’ business conduct, financial operations requirements, trading practices, as well as registration and membership filings and disclosures.
Among IIROC’s areas of focus for the coming year are:
- Implementing changes to risk models to ensure IIROC’s compliance resources are focused on the greatest risks to investors and market integrity;
- Continuing to support firms’ cybersecurity resiliency by compiling and reviewing the results of IIROC’s second survey on cybersecurity preparedness conducted in late 2018; and,
- Ensuring IIROC-regulated firms demonstrate a commitment to a strong compliance
culture.
IIROC
Senior Vice-President of Enforcement and Registration, Elsa Renzella
“Firms should use this Compliance Priorities Report, along with our guidance notices, conferences and other forums, to help them protect their clients and businesses,” says Elsa Renzella, IIROC’s Senior Vice-President, Enforcement and Registration. “Firms should treat the report as a tool that assists them with complying in a manner that is appropriate for their unique business models.”
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IIROC is the national self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces.
