Building a Culture of Compliance
TORONTO, Dec. 9, 2013 /CNW/ - The Investment Industry Regulatory
Organization of Canada (IIROC) today published its Annual Consolidated Compliance Report outlining its key examination and surveillance priorities for 2013-
Each year, IIROC issues a comprehensive report highlighting key findings
from examination and surveillance programs, results from surveys and
targeted reviews from the previous year and areas of focus for the
upcoming year, to help IIROC-regulated firms improve their compliance
systems and controls related to financial operations, business conduct
and trading conduct. This year's report also includes current trends
and issues identified in registration, and reinforces requirements to
help dealers meet their regulatory requirements.
"This report underscores our commitment to transparency and is an
important resource that members can draw upon to strengthen oversight
and compliance," said Rosemary Chan, IIROC's Senior Vice-President,
Member Compliance, General Counsel and Corporate Secretary.
"We are committed to maintaining a competitive landscape for firms of
diverse sizes and business models and the report reinforces the
importance of strong day-to-day compliance, supervision and risk
management practices of IIROC-regulated firms across Canada," added
Wendy Rudd, IIROC's Senior Vice-President, Market Regulation and
IIROC takes a risk-based approach which focuses on areas that have the
greatest potential impact on investor protection and works closely with
the industry to ensure firms devote appropriate attention and resources
to these areas.
IIROC's compliance program reflects changes in market structure,
business risk, investment products, demographics, and identified
corporate priorities. Over the next year, IIROC's exam teams will
focus on helping firms identify, manage and mitigate potential risk.
Upcoming areas of focus include implementation of the Client
Relationship Model, suitability and "know your client" obligations,
outsourcing arrangements, and electronic trading rule requirements.
IIROC is the national self-regulatory organization which oversees all
investment dealers and trading activity on debt and equity marketplaces
in Canada. Created in 2008 through the consolidation of the Investment
Dealers Association of Canada and Market Regulation Services Inc.,
IIROC sets high quality regulatory and investment industry standards,
protects investors and strengthens market integrity while maintaining
efficient and competitive capital markets.
IIROC carries out its regulatory responsibilities through setting and
enforcing rules regarding the proficiency, business and financial
conduct of dealer firms and their registered employees and through
setting and enforcing market integrity rules regarding trading activity
on Canadian equity marketplaces.
SOURCE: Investment Industry Regulatory Organization of Canada (IIROC) - General News
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