IIROC Invites Public Comment on IIROC Arbitration Program

TORONTO, Dec. 16 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) today issued Rules Notice Request for Comments Review of IIROC Arbitration Program.

Investor access to a straightforward, expeditious dispute resolution system to address disputes with IIROC Dealer Members fosters confidence in capital markets and the financial services industry. There are currently a number of recourses available to investors to address disputes with IIROC-regulated firms, including the IIROC arbitration program. Dealer Member Rule 37.1 has been in place since 1996 and requires Dealer members to participate in an arbitration program that has been approved by the IIROC Board of Directors.

Commencing in the fall of 2008, IIROC undertook a comprehensive review and evaluation of the arbitration program. The results are discussed in the Notice.

IIROC invites public comment on the matters raised in the Notice and, particularly, the following:

    1.  the benefits of arbitration and the viability of the program;
    2.  the experience of parties to arbitration cases under the program and
        suggestions to improve effectiveness and utilization of the program;
    3.  IIROC's proposal to increase the award limit under the program from
        the current limit of $100,000.

Comments will be accepted until March 16, 2010. Comments will be posted on the IIROC web site.

Comment letters may be addressed to:

    Rosemary Chan
    Senior Vice President and General Counsel
    Investment Industry Regulatory Organization of Canada
    121 King Street West, Suite 1600
    Toronto, Ontario M5H 3T9

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: For further information: Connie Craddock, Vice President, Public Affairs, (416) 943-5870 or ccraddock@iiroc.ca

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