Guide to the Enforcement Process aims to enhance investor protection
October 25, 2023, (Toronto, Ontario) – The Canadian Investment Regulatory Organization (CIRO) released its 2022-23 Enforcement Report today, which highlights the past fiscal year’s enforcement activities and CIRO’s continued dedication to protecting investors from unfair, improper or fraudulent practices, improving investment industry standards, and strengthening market integrity.
The amalgamation of the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) on January 1, 2023 brought together two capable and dedicated Enforcement teams, which continue to operate as two divisions (Investment Dealers and Mutual Fund Dealers).
The 2022-23 Enforcement Report highlights the following activities that have been undertaken or are underway to harmonize Enforcement's regulatory approach:
- Releasing a Guide to the Enforcement Process, which is intended to assist Dealer Members, their Approved Persons, and employees, in understanding how CIRO’s Enforcement process works.
- Progress on publishing harmonized Sanction Guidelines to promote consistency, fairness and transparency in the disciplinary process by providing a framework to guide the exercise of discretion in determining sanctions. The harmonized guidelines will replace those previously issued by IIROC and the MFDA.
- Reviewing case selection policies to identify and pursue cases that send a strong regulatory message.
- Developing a centralized complaint intake process to simplify the process for investors and ensure it remains easily accessible.
- Safeguarding Canadian investors by reviewing 4,104 complaints, conducting 187 investigations, completing 108 disciplinary proceedings, and imposing $25,140,343 in fines, costs and disgorgement.
“This past year, we pursued enforcement proceedings that addressed a wide range of conduct to prevent and deter misconduct, improve industry standards and strengthen market integrity,” said Elsa Renzella, CIRO’s Senior Vice-President, Enforcement and Registration. “We are also proud to release CIRO’s Guide to the Enforcement Process, which represents a tangible step forward in bringing together our two enforcement divisions while providing transparency into self-regulatory enforcement and our commitment to investor protection.”
Read the 2022-23 Enforcement Report on ciro.ca.
For media inquiries, please contact:
Joanna Nicholson
Canadian Investment Regulatory Organization
[email protected]
For investor inquiries, please contact your local securities regulator.
About CIRO
The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada’s debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians’ trust in financial regulation and the people managing their investments. For more information, visit www.ciro.ca.
-30-