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ARTICLE · 28 FEBRUARY 2018

Choose Your Own Adventure: IIROC Requests Input On Enforcement Alternatives

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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The Investment Industry Regulatory Organization of Canada (IIROC) is engaged in a three-year strategic plan to expand its portfolio of enforcement options, with a view to better tailor...

CanadaFinance and Banking
Sean Boyle
Sean Boyle
Alexandra Luchenko
Alexandra Luchenko
Doug McLeod
Doug McLeod
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The Investment Industry Regulatory Organization of Canada (IIROC) is engaged in a three-year strategic plan to expand its portfolio of enforcement options. As part of this initiative, IIROC has proposed two potential new enforcement options and has invited industry input.

The proposal is to introduce a Minor Contravention Program (MCP) and Early Resolution Offers (ERO) into the IIROC enforcement portfolio. IIROC's stated goal is that these options will permit more tailored enforcement responses that are fair and proportionate to the particular circumstances of cases under investigation.

Currently, after an IIROC investigation is completed, there are three possible next steps: close the matter with no action, issue a cautionary letter, or initiate formal disciplinary proceedings.

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