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Canadian securities regulators publish IIROC oversight review report Français


News provided by

Autorité des marchés financiers

Jul 04, 2017, 12:25 ET

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TORONTO, July 4, 2017 /CNW Telbec/ - The Canadian Securities Administrators (CSA) today released the Oversight Review Report of the Investment Industry Regulatory Organization of Canada (IIROC), which evaluates whether specific regulatory processes are operating effectively and outlines findings that require corrective action.

The coordinated review was conducted jointly by seven of the provincial securities regulators that recognize IIROC: the Alberta Securities Commission; the Autorité des marchés financiers; the British Columbia Securities Commission; the Financial and Consumer Affairs Authority of Saskatchewan; the Manitoba Securities Commission; the Nova Scotia Securities Commission; and the Ontario Securities Commission. IIROC is also recognized by the Financial and Consumer Services Commission of New Brunswick, the Newfoundland and Labrador Office of the Superintendent of Securities, and the Prince Edward Island Office of the Superintendent of Securities (Recognizing Regulators).  

Based on the annual assessment of IIROC's functional areas and key processes, the Recognizing Regulators selected above-average risk areas as the focus for the review, including Business Conduct Compliance, Enforcement, Information Technology, Market Surveillance, and Trade Review & Analysis. The Recognizing Regulators considered the previous oversight review and whether findings identified in that review had been resolved, as well as current issues and market conditions that could affect IIROC.

In summary, CSA staff acknowledge that IIROC made sufficient progress in resolving specific issues raised in previous oversight reports. However, CSA staff note a repeat finding in the Business Conduct Compliance department given IIROC did not implement necessary changes to their examination programs (high priority). Also, CSA staff found that IIROC did not make sufficient progress in resolving an issue raised during the previous oversight review in the area of Information Technology (medium priority) by not providing an information security program report to a Board committee on a quarterly basis. In addition, CSA staff raise other medium priority findings in the Business Conduct Compliance (one), Information Technology (one) and Enforcement (two) departments.

CSA staff will actively monitor IIROC's progress in addressing the findings outlined in the report.

The CSA, the council of the securities regulators of Canada's provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

For more information:

Kristen Rose
Ontario Securities Commission
416-593-2336

Hilary McMeekin
Alberta Securities Commission
403-592-8186



Alison Walker
British Columbia Securities Commission
604-899-6713

Sylvain Théberge
Autorité des marchés financiers
514-940-2176 



Jason (Jay) Booth
Manitoba Securities Commission
204-945-1660

Andrew Nicholson
Financial and Consumer Services
Commission, New Brunswick

506-658-3021



David Harrison
Nova Scotia Securities Commission
902-424-8586

Janice Callbeck          
Office of the Superintendent of Securities    
P.E.I.
902-368-6288 



John O'Brien
Office of the Superintendent of Securities
Newfoundland and Labrador
709-729-4909

Rhonda Horte
Office of the Yukon Superintendent of
Securities        
867-667-5466



Jeff Mason
Nunavut Securities Office
867-975-6591

Tom Hall
Office of the Superintendent of Securities
Northwest Territories
867-767-9305



Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan   
306-798-4160


SOURCE Autorité des marchés financiers

Kristen Rose, Ontario Securities Commission, 416-593-2336; Hilary McMeekin, Alberta Securities Commission, 403-592-8186; Alison Walker, British Columbia Securities Commission, 604-899-6713; Sylvain Théberge; Autorité des marchés financiers, 514-940-2176; Jason (Jay) Booth, Manitoba Securities Commission, 204-945-1660, 506-658-3021; Andrew Nicholson, Financial and Consumer Services, Commission, New Brunswick; David Harrison, Nova Scotia Securities Commission, 902-424-8586; Janice Callbeck, Office of the Superintendent of Securities, P.E.I., 902-368-6288; John O'Brien, Office of the Superintendent of Securities, Newfoundland and Labrador, 709-729-4909; Rhonda Horte, Office of the Yukon Superintendent of Securities, 867-667-5466; Jeff Mason, Nunavut Securities Office, 867-975-6591; Tom Hall, Office of the Superintendent of Securities, Northwest Territories, 867-767-9305; Shannon McMillan, Financial and Consumer Affairs, Authority of Saskatchewan, 306-798-4160

Related Links

www.lautorite.qc.ca

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Organization Profile

Autorite des Marches Financiers

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