Message From The Vice-Presidents, Enforcement

The past year has brought significant change in the self-regulatory framework for the investment industry in Canada. The amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) has been a significant undertaking that brought together two capable and dedicated Enforcement teams, which at this time are operating as two divisions (Investment Dealers and Mutual Fund Dealers).

We want to thank Enforcement staff who have supported this step forward in how the industry is regulated while remaining focused on the day-to-day work of investigating and litigating cases. Their dedication to protecting investors from unfair, improper, or fraudulent practices, improving investment industry standards, and strengthening market integrity have led to the results and outcomes highlighted throughout this report.

Our work integrating the Enforcement department and its operations has begun, with priority on developing a uniform case selection policy to identify and pursue cases that send a strong regulatory message, and Sanction Guidelines to promote consistency, fairness and transparency in the disciplinary process.

“We are also moving ahead with a centralized complaint intake process that will simplify the process for investors and ensure it remains easily accessible.”

We are pleased to have now released our Guide to the Enforcement Process, which is intended to assist Dealer Members, their Approved Persons, and employees, in understanding how the Enforcement process works. The guide demonstrates tangible work that has been done to align our processes.

CIRO continues to work diligently towards a single set of rules and processes that will deter and prevent wrongdoing.

We have also made it a priority for the upcoming year to continue to pursue legislative authority across the country that will improve Enforcement’s ability to collect and present evidence, and provide statutory protection against malicious lawsuits while we perform our regulatory responsibilities in good faith. Our earlier successes are highlighted in this report.

Enforcement must be fair, effective and timely. We could not realize this mission without the incredible team at CIRO and the relationships we have created with the Canadian Securities Administrators and their provincial and territorial governments and regulatory authorities.

“Together, we work to improve the regulatory system to protect investors and foster healthy Canadian capital markets.”

Charles Corlett
Vice-President, Enforcement (Investment Dealers)

Charles Toth
Vice-President, Enforcement (Mutual Fund Dealers)