TORONTO, April 14 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) has
issued an updated Strategic Plan for the period through 2012.
The plan introduces some changes to its enabling strategies and the
addition of new projects for the new fiscal year that began April 1st.
"Our revised Strategic Plan will guide us in providing efficient,
cost-effective regulation while responding to important changes in the
industry and markets we regulate," said Susan Wolburgh Jenah, IIROC
President and Chief Executive Officer.
Some of these projects are focused on investor protection. Others
reflect a range of regulatory priorities, including the need to
leverage technology and IIROC's response to issues that emerged during
last year's Flash Crash.
Highlights of some of the new priorities and projects include:
Investors are faced with an increasingly complex marketplace with a wide
range of products, services and advisors to choose from. IIROC will
implement, subject to Canadian Securities Administrators' approval, its
Client Relationship Model to improve transparency in the area of fees,
advisor conflicts and account performance.
IIROC will enhance its compliance and enforcement efforts with respect
to suitability issues. These efforts will include a focus on issues
relating to seniors, a growing demographic priority as more Canadians
either approach or reach retirement age.
IIROC is focusing more of its regulatory resources on the large and
growing Canadian fixed-income market. IIROC will implement, subject to
CSA approval, the fair pricing rule for fixed-income and other
over-the-counter securities to ensure investors can be confident the
price they pay or receive in transactions is a fair one.
Emerging challenges for regulation include faster trading, complex
strategies and technologies, as well as higher volumes of messages and
order traffic. IIROC will also implement, subject to CSA approval,
recommendations adopted in the aftermath of last year's May 6 Flash
Crash, as part of our efforts to address the stability and reliability
Leveraging technology is essential to cost-effective regulation and
allows us to keep up with fast-paced changes and innovation in the
marketplace. IIROC is completing the implementation of its Surveillance
Technology Enhancement Program, which will allow it to handle higher
trading speeds and volumes, and perform cross-market monitoring and
analysis of all equity markets in Canada. Investments in strategic
information technology are also essential to more effective compliance
IIROC set out its Strategic Plan in 2008 with a five-year horizon. It is
updated annually to remove completed projects and add new initiatives
that reflect changes in the investment industry and regulatory
Consistent with IIROC's commitment to transparency and accountability,
the plan is posted on IIROC's website. An annual Scorecard reporting our
progress on projects against the objectives of the plan is included in
IIROC's Annual Report.
* * *
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
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
For further information:
Vice-President, Public Affairs