The Canadian Securities
Administrators today released a report outlining the
findings of an oversight review of IIROC's activities. The
review specifically sought to assess whether IIROC was in
compliance with the relevant terms and condition of its recognition
orders, the effectiveness of regulatory processes and the extent to
which key regulatory processes were consistent, efficient and
fairly applied.
While the review ultimately concluded that IIROC has met the
relevant terms and conditions of its recognition orders, the report
set out a number of findings (prioritized by significance as high,
medium and low) for which corrective action is expected. Findings
categorized as high priority include the need for a
comprehensive risk management policy and associated procedures,
which IIROC has stated will be implemented by March 2015, as well
as certain enforcement issues, including in respect of market
conduct cases and investigations of unsuitable investments
