IIROC’s 2016-2017 annual report, released today, lists items that the SRO crossed off its to-do list during the first year of its three-year strategic plan.

For example, last year IIROC implemented enhanced business conduct compliance (BCC) exams in KYC, suitability and social media.

Read: CSA to IIROC: Get with the (examination) program

IIROC also published guidance to address findings from its compensation-related conflicts review. The report says IIROC’s BCC team is “taking immediate steps to strengthen our oversight of compensation-related conflicts by significantly enhancing our exam processes.”

Read:

IIROC guidance on managing conflicts poses challenges for dealers

What IIROC found in its conflict of interest rule review

Also last year, IIROC’s new consolidated enforcement rules took effect (Sept. 1, 2016).

Here are other completed items highlighted in the report:

  • IIROC can now collect fines through the courts in Ontario and P.E.I (as in Alberta and Quebec). For 2016-2017, the report indicates IIROC collected 14% of discipline penalties against individuals and 74% against firms.
  • Alberta became the first jurisdiction in Canada to provide IIROC with more effective legal authority to collect evidence during investigations, and to grant IIROC and its disciplinary hearing panels protection from lawsuits while undertaking their regulatory responsibilities.
  • IIROC signed co-operative agreements with insurance regulators in Alberta, B.C. and Saskatchewan, allowing the regulators to share information on investigations and disciplinary actions, as well as enabling joint investigations.
  • In July 2017, IIROC expanded transparency on its corporate bond information website by extending information published to include all corporate bond trades by all IIROC-regulated firms. IIROC began publishing this information in July 2016 as the Canadian Securities Administrators’ appointed information processor for corporate debt securities.
  • IIROC worked with member firms to determine their cybersecurity preparedness and to provide help for improvement.
  • IIROC created and issued firm-specific statistical reports on the number and nature of complaints and inquiries received by the regulator, with the aim of helping firms reduce complaints, strengthen internal processes and improve customer service.

For more details, including IIROC’s financial statements, read the full report.

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