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ARTICLE · 01 MARCH 2013

IIROC Guidance Distinguishes Compliance From Supervision

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In the wake of a disciplinary panel's reasons given in 2012 in Re Northern Securities, the Investment Industry Regulatory Organization of Canada has issued fresh guidance on the compliance and supervision responsibilities of IIROC-regulated personnel.

CanadaFinance and Banking
Cristian Blidariu
Cristian Blidariu
René Sorell
René Sorell
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In the wake of a disciplinary panel's reasons given in 2012 in Re Northern Securities (Northern Securities),1theInvestment Industry Regulatory Organization of Canada (IIROC) has issued fresh guidance on the compliance and supervision responsibilities of IIROC-regulated personnel.

According to IIROC Notice 12-0379 (Notice) issued in mid-December, 2012, compliance is not to be viewed as an isolated activity, but rather as the collective responsibility of the Ultimate Designated Person (UDP), Chief Compliance Officer (CCO), Chief Financial Officer (CFO), as well as executives, directors, management and supervisors of IIROC-regulated firms (Dealer Members). The authority and responsibilities of these parties are different.

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