The Canadian Securities Administrators today released a report outlining the findings of an oversight review of IIROC's activities. The review specifically sought to assess whether IIROC was in compliance with the relevant terms and condition of its recognition orders, the effectiveness of regulatory processes and the extent to which key regulatory processes were consistent, efficient and fairly applied.

While the review ultimately concluded that IIROC has met the relevant terms and conditions of its recognition orders, the report set out a number of findings (prioritized by significance as high, medium and low) for which corrective action is expected. Findings categorized as high priority include the need for a comprehensive risk management policy and associated procedures, which IIROC has stated will be implemented by March 2015, as well as certain enforcement issues, including in respect of market conduct cases and investigations of unsuitable investments and unauthorized trading.