IIROC Releases Draft Sanction Guidelines

The Investment Industry Regulatory Organization of Canada (IIROC) yesterday published for comment updated draft sanction guidelines that set out the principles and factors regarding the imposition of sanctions that may be considered in IIROC disciplinary proceedings. 

The draft guidelines, which consolidate the current Dealer Member and UMIR sanction guidelines, are intended to assist enforcement staff and respondents in the negotiation of settlement agreements, help hearing panels in determining whether to accept settlement agreements and assist hearing panels in determining the appropriate sanctions after disciplinary hearings. The draft guidelines reflect the following material changes to the current sanction guidelines, namely: (i) the elimination of prescribed fine ranges and/or suggested minimum fines; and (ii) the treatment of a respondent's inability to pay.