Annual report details progress on strategic plan
The second year of IIROC’s three-year strategic plan has continued to improve protection for Canadian investors.
The regulator’s annual report highlights increased strength in its powers and ability to enforce them, including greater consistency at a provincial level.
“IIROC has made significant progress in achieving the priorities laid out in our three-year Strategic Plan, leading to a more consistent level of investor protection for Canadians,” said IIROC President and CEO Andrew J. Kriegler. “This work, along with the essential regulatory activities carried out daily by IIROC’s committed staff, position us well to meet future challenges in a rapidly changing environment.”
In the past year, IIROC has consulted with the investment industry to better understand how its rules impact the evolution of financial advice and services.
It has also worked with the Canadian Securities Administrators in developing their client-focused reforms to better align the interests of investment dealers and advisors with those of their clients.
Provincial powers strengthened
IIROC’s work with provincial regulators has led to stronger powers in several parts of Canada.
In British Columbia and Manitoba, IIROC now has the legal authority to collect disciplinary fines directly through the courts. Changes to the Ontario Securities Act will also enable this in Ontario.
In Quebec and Alberta, IIROC’s enforcement authority now includes the ability to collect evidence from third parties during investigations, as well as full cooperation at the disciplinary hearings stage, and it has been clarified that IIROC has immunity from malicious lawsuits.
Enhanced technology
IIROC is also introducing technology-driven monitoring of Canadian markets which will embrace artificial intelligence and machine learning allowing greater ability to protect market integrity.
The regulator is also working with the firms it regulates to ensure a stronger ability to deal with cybersecurity risks.
