This week the Investment Industry Regulatory Organization of Canada (IIROC) was the latest market regulatory to release its enforcement activity report for 2015 (see our post on the Canadian Securities Administrators' report here). The enforcement report details the disciplinary action undertaken by IIROC last year. IIROC experienced an increase in complaint intake, investigative work and actions pursued, but a decrease in total prosecutions. IIROC levied over $3,100,000 in sanctions against individuals and $425,000 against firms in 2016, compared to over $2,900,000 against individuals and $1,500,000 against firms in 2015 (including fines, costs and disgorgement).
IIROC Quick stats 2016:
- 138 investigations completed
- Successful prosecution of 40 individuals and 6 firms
- Top matter prosecuted was suitability, representing nearly 26% of prosecutions
- Majority of cases involved elderly/vulnerable clients
- Suspended 20 individuals (but no firms)
- Permanently barred 6 individuals from working in an IIROC-registered capacity.