Investment Industry Regulatory Organization of Canada
| Abbreviation | IIROC/OCRCVM |
|---|---|
| Formation | 2008 |
| Type | Organizations based in Canada |
| Legal status | active |
| Purpose | Monitors members for securities law compliance; enforces securities regulations through quasi-judicial proceedings |
| Headquarters | Toronto, Ontario, Canada |
Region served | Canada |
Official language | English, French |
| Website | http://www.iiroc.ca/ www.iiroc.ca/ |
The Investment Industry Regulatory Organization of Canada (IIROC; Organisme Canadien de réglementation du commerce des valeurs mobilières or OCRCVM in French) is a non-profit, national self-regulatory organization (SRO). Established through the merger of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS) on June 1, 2008,[1] IIROC oversees all investment dealers and trading activity on debt and equity markets in Canada.
The organization is a public interest regulator with a mission to protect investors and support healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding proficiency, business and financial conduct of dealer firms and their registered employees, and through setting and enforcing market integrity rules.
History
IIROC was formed on June 1, 2008 through the merger of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS).
The Bond Dealers Section of the Toronto Board of Trade was formed in 1916 as a trade organization to coordinate financing of Canada's war effort. It was renamed the Investment Dealers Association of Canada in 1934. Throughout most of its history, the IDA serve both as a regulator and as an advocacy organization for the securities dealers. In 2006, IDA narrowed its focus to regulation and transferred its industry association role to a new separate and independent industry association, the Investment Industry Association of Canada.
Market Regulation Services Inc. was formed in 2008 in response to the implementation of National Instruments 21-101 Marketplace Operation and 23-101 Trading Rules, which require an independent regulation services provider to regulate trading in all Canadian marketplaces, including the TSX.
Management
Andrew J. Kriegler was appointed President and Chief Executive Officer of IIROC on November 1, 2014.[2] Before joining IIROC, Kriegler was Deputy Superintendent at Canada's banking regulator, the Office of the Superintendent of Financial Institutions, or OSFI.
Kriegler succeeds Susan Wolburgh Jenah who headed IIROC's predecessor, the Investment Dealers Association of Canada (IDA) before becoming IIROC's first President and CEO in 2008. At the IDA, she had taken over the post from Joe Oliver, who later became a Member of Parliament and went on to serve as federal Minister of Finance.
Operations
IIROC operates under Recognition Orders from the provincial securities commissions that make up the Canadian Securities Administrators[3] (CSA), which is the umbrella for Canada's provincial and territorial securities regulators. IIROC is subject to oversight and regular operational reviews by the CSA, which publishes reports on these regular oversight audit reviews.
IIROC's District Councils and policy consultative committees offer insight and input to IIROC's rules and policies. In addition to a corporate Annual Report, IIROC publishes a number of regular reports in the interests of transparency and accountability, and to help keep IIROC stakeholders informed. Publications include annual Compliance Priorities and Enforcement reports.
See also
References
- ↑ "Self-regulatory organizations (SROs)". Ontario Securities Commission. Retrieved 2008-08-20.
- ↑ http://business.financialpost.com/2014/09/03/andrew-kriegler-iiroc/
- ↑ Langton, James (May 2008). "Long wait almost over for merged regulator". Investment Executive. Retrieved 2008-08-14.
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