The Investment Industry Regulatory Organization of Canada (IIROC) yesterday released a summary of public comments relating to its review of the IIROC arbitration program in response to a notice published in December 2009. Following its review, IIROC also has now released a request for comments on, among other things, proposals to increase the award limit under the program to $500,000 and to amend the procedural rules to permit claimants, at the commencement of a proceeding, to eliminate the arbitrator's discretion to award costs against a party. According to IIROC, the higher award limit
is appropriate and reflects a balance between providing greater access to recourse that is expeditious and cost-effective, and ensuring adherence to principles of natural justice and legal process.
The comment period on the proposals ends on October 8, 2010.