A trio of settlement decisions from the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA) illustrate how important it is for firms to stay on top of changing regulatory requirements, apply their own policies and procedures, and test the efficacy of those policies and procedures.

 

These are just three, recent examples where compliance oversight issues resulted in firms landing in regulatory hot water. Although the sums they settled for are relatively modest, the cost to a firm’s reputation and resulting harm to client confidence might not be.