TORONTO, Dec. 4, 2012 /CNW/ - The Investment Industry Regulatory
Organization of Canada (IIROC) today published its Annual Consolidated Compliance Report outlining its key examination priorities for 2012 - 2013.
"Building a culture of compliance is a strategic priority for IIROC,"
said Susan Wolburgh Jenah, President and Chief Executive Officer of
IIROC. "This compliance report is an important tool that we use to
promote higher industry standards, improve investor protection and
strengthen market integrity."
At a presentation made to the Annual Compliance & Legal Section (CLS)
Compliance Conference held today at the Metro Toronto Convention
Centre, IIROC reinforced the importance of IIROC-regulated firms having
robust, effective compliance and risk control programs.
"At IIROC, we continue to enhance our compliance and examination program
to reflect changes in market structure, business risk, investment
products, demographics and identified corporate priorities," said
Rosemary Chan, IIROC's Senior Vice-President, Member Compliance,
General Counsel and Corporate Secretary, at the conference.
"This report highlights areas that our integrated exam teams will focus
on in helping IIROC-regulated firms identify, manage and mitigate
potential enterprise-wide risks."
Current areas of focus include Know-Your-Client documentation, non-arm's
length investment products, capital and liquidity risk management,
outsourcing and electronic trading controls.
IIROC uses a risk-based methodology to allocate regulatory resources to
firms and issues that have a higher potential to cause risk and to
assist firms in identifying areas where they should be devoting their
supervision, compliance and risk management efforts.
While the report also lists common areas that require improvement from
the previous examination cycle, almost all significant findings are
resolved by firms within the period of time prescribed by IIROC.
"We will continue to work with the industry to raise the bar, instill
investor confidence and promote the long-term health of our capital
markets," said Ms. Wolburgh Jenah.
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
For further information:
Vice President, Public Affairs