IIROC issues 2014-2015 Consolidated Compliance Report

Signals key surveillance and exam priorities for coming year

TORONTO, Jan. 27, 2015 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) today published its Annual Consolidated Compliance Report outlining its key examination and surveillance priorities for 2015, as well as key compliance findings from 2014.

The areas of focus outlined in the Report relate to member firms' financial operations, registration requirements and business and trading conduct. It reflects changes in market structure, investment products, demographics and business risks.

"This comprehensive report underscores our commitment to transparency and high industry standards and signals our compliance priorities for the coming year," said Andrew Kriegler, IIROC President and CEO. "As a public interest regulator, we are focused on protecting investors, while allowing IIROC-regulated firms flexibility in implementation."

Over the next year, IIROC compliance examination teams will focus on the continuing implementation of the Client Relationship Model, cyber security preparedness and best practices, the assessment and monitoring of systemic risks and electronic trading rule compliance, among other topics.

Seniors' issues will continue to be a regulatory priority for IIROC in the coming year, with examiners identifying, tracking and testing seniors-related business practices and firms' supervisory controls.

In addition, the Report identifies common deficiencies noted in our compliance examinations from 2014 as well as the steps firms have taken to address them. It also includes industry best practices and other practical suggestions that may be of assistance to firms to help them comply. 

Mr. Kriegler added, "We encourage IIROC dealers to leverage this important resource to strengthen their oversight and day-to-day compliance and risk management practices."

IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada. Created in 2008 through the consolidation of the Investment Dealers Association of Canada and Market Regulation Services Inc., IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while maintaining efficient and competitive capital markets.

IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees and through setting and enforcing market integrity rules regarding trading activity on Canadian equity marketplaces.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

Related Links

http://www.iiroc.ca