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ARTICLE · 13 JULY 2022

Highlights Of IIROC's 2021-22 Enforcement Report

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The Investment Industry Regulatory Organization of Canada (IIROC) has released its 2021-2022 Enforcement Report. The Report highlights IIROC's enforcement activities in the ...

CanadaLitigation, Mediation & Arbitration
John Fabello
John Fabello
Gillian Dingle
Gillian Dingle
Craig Gilchrist
Craig Gilchrist
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The Investment Industry Regulatory Organization of Canada (IIROC) has released its 2021-2022 Enforcement Report. The Report highlights IIROC's enforcement activities in the past year and provides insight into IIROC's enforcement priorities. Below are our top takeaways.

Reduced number of investigations and enforcement proceedings

In fiscal year 2022, IIROC completed 76 investigations, commenced 25 enforcement proceedings, and concluded 31 proceedings. Each of these statistics are well below IIROC's historic activity levels. For example, in the 2018 fiscal year, IIROC completed 123 investigations, commenced 35 enforcement proceedings, and concluded 42 enforcement proceedings. While the number of complaints also fell during this period (1,153 in FY18 versus 1,053 in FY22) this does not fully explain the drop in the number of investigations and proceedings commenced by IIROC. The trend of reduced complaint volumes, investigations, and proceedings likely has to do with

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