|By PR Newswire||
|April 15, 2014 11:15 AM EDT||
TORONTO, April 15, 2014 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) today released its second annual Enforcement Report which demonstrates its continued focus on key strategic priorities, including misconduct relating to seniors and suitability.
Consistent with previous years, cases involving seniors represented more than one third of all IIROC's disciplinary cases. Unsuitable investments were the most common complaints investigated in 2013, representing over 40% of IIROC's disciplinary actions. The vast majority of cases involving seniors dealt with suitability violations relating to the risk profile of an investment itself, failure to meet the "know- your-client" obligation and/or the improper use of leverage.
"This annual report contains a comprehensive overview of IIROC's enforcement priorities, initiatives and processes, and highlights important enforcement cases that underscore our ongoing efforts to enhance investor protection and foster fair and efficient capital markets," said Susan Wolburgh Jenah, IIROC President and Chief Executive Officer.
"This year we pursued important policy initiatives designed to refine our processes and improve our effectiveness through rule changes and revised sanction guidelines," said Paul Riccardi, Senior Vice President, Member Regulation. "We continue to dedicate IIROC's enforcement resources to actively prosecute wrongdoers and to focus on harmful behaviours that warrant enforcement action."
In 2013, IIROC took significant measures against a number of firms including expedited disciplinary actions to suspend, terminate and/or oversee their wind-down in order to protect the investing public.
In 2013, IIROC:
- initiated 200 investigations
- successfully prosecuted 45 individuals and 12 firms
- suspended and/or terminated 5 firms and suspended 25 individuals
- permanently barred 8 individuals from working at an IIROC-regulated firm in a registered capacity
- imposed fines of nearly $4.4 million against individuals and $2.2 million against IIROC-regulated firms (the fines against firms represent a 63% increase year-over-year)*
*In May 2014, IIROC will begin to publish the names of individuals who have failed to pay outstanding fines on its website.
The 2013 Enforcement Report can be found online here -http://www.iiroc.ca/Documents/2014/1cf5236e-e90e-417e-9007-6dd40e271231_en.pdf
In keeping with IIROC's commitment to transparency and accountability, updated Enforcement Reports will be published annually. Print copies are also available upon request.
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 by creating and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through the creation and enforcement of market integrity rules regarding trading activity on Canadian marketplaces.
SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
Sep. 26, 2016 08:30 AM EDT Reads: 2,487
SYS-CON Events announced today that Interface Masters Technologies, a leader in Network Visibility and Uptime Solutions, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Interface Masters Technologies is a leading vendor in the network monitoring and high speed networking markets. Based in the heart of Silicon Valley, Interface Masters' expertise lies in Gigabit, 10 Gigabit and 40 Gigabit Eth...
Sep. 26, 2016 08:30 AM EDT Reads: 2,397
Sep. 26, 2016 08:15 AM EDT Reads: 2,534
Sep. 26, 2016 08:15 AM EDT Reads: 1,541
Sep. 26, 2016 08:15 AM EDT Reads: 2,375
Sep. 26, 2016 07:15 AM EDT Reads: 1,881
Sep. 26, 2016 07:15 AM EDT Reads: 1,597
Sep. 26, 2016 07:00 AM EDT Reads: 2,647
Sep. 26, 2016 06:45 AM EDT Reads: 1,962
Sep. 26, 2016 06:45 AM EDT Reads: 1,075
Sep. 26, 2016 06:30 AM EDT Reads: 2,415
Sep. 26, 2016 06:30 AM EDT Reads: 1,569
Sep. 26, 2016 06:15 AM EDT Reads: 1,652
Sep. 26, 2016 04:30 AM EDT Reads: 1,060
Sep. 26, 2016 04:30 AM EDT Reads: 1,417