On January 13, 2015, IIROC published its final Sanction Guidelines setting out the general principles and key factors to be considered by hearing panels in disciplinary and settlement proceedings.

The Guidelines consolidate, update and replace the Dealer Member and Universal Market Integrity Rule sanction guidelines that have previously been used to assist in determining appropriate sanctions in IIROC disciplinary hearings, and provide a streamlined, principles-based approach to sanctioning that ensures the necessary factors are considered and appropriate sanctions imposed which reflect the gravity of the violations identified.

Along with the Guidelines, IIROC has published companion Policy Statements which provide guidance concerning staff’s approach to certain common issues that arise during settlement negotiations and in disciplinary hearings.

The Guidelines became effective February 2, 2015, and will be applied in all disciplinary and settlement proceedings.