The Investment Industry Regulatory Organization of Canada (IIROC) has published for comment a rule amendment that proposes two alternative forms of discipline. The aim is to provide more flexibility in the way individuals and firms are disciplined for breaking the regulator’s rules.
Early Resolution Offers
The proposed changes to IIROC's Consolidated Enforcement, Examination and Approval Rules would include a Minor Contravention Program and Early Resolution Offers. These changes would give IIROC the flexibility to more fairly address varying degrees of rule breaches, depending upon their seriousness, says the IIROC.
"These changes would provide alternatives to IIROC's formal disciplinary hearing panel process, allowing hearings to focus on matters that are more serious or harmful to investors – ultimately making IIROC's discipline more timely and proportionate to the offenses," says Elsa Renzella, IIROC Senior Vice-President, Registration and Enforcement. "We expect these programs would contribute to enhanced efficiencies while providing fair, effective and timely enforcement that protects investors from coast to coast."