Investment Industry Regulatory Organization of Canada
The Investment Industry Regulatory Organization of Canada (IIROC; Organisme canadien de réglementation du commerce des valeurs mobilières or OCRCVM in French) is a non-profit, national self-regulatory organization (SRO). Established through the merger of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS) on June 1, 2008,[2] IIROC oversees all investment dealers and trading activity on debt and equity markets in Canada.
Abbreviation
IIROC/OCRCVM
2008
Organizations based in Canada
active
Monitors members for securities law compliance; enforces securities regulations through quasi-judicial proceedings
Suite 2000, 121 King Street West, Toronto, Ontario, Canada
Andrew J. Kriegler[1]
Paul D. Allison[1]
C$101.237M (FY 2020)
The organization sets regulatory and investment industry standards and has quasi-judicial powers in that it holds enforcement hearings and has the power to suspend, fine and expel members and registered representatives, such as advisors.[3] However, it has often been criticized by investor advocates as ineffective.[4]
History[edit]
IIROC was formed on June 1, 2008, through the merger of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS).
The Bond Dealers Section of the Toronto Board of Trade was formed in 1916 as a trade organization to coordinate financing of Canada's war effort. It was renamed the Investment Dealers Association of Canada in 1934. Throughout most of its history, the IDA serve both as a regulator and as an advocacy organization for the securities dealers. In 2006, IDA narrowed its focus to regulation and transferred its industry association role to a new separate and independent industry association, the Investment Industry Association of Canada.
Market Regulation Services Inc. was formed in 2002 in response to the implementation of National Instruments 21-101 Marketplace Operation and 23-101 Trading Rules, which require an independent regulation services provider to regulate trading in all Canadian marketplaces, including the TSX.
In January 2023, IIROC merged with the Mutual Fund Dealers Association of Canada (MFDA) to form the Canadian Investment Regulatory Organization (CIRO).[5][6]
Management[edit]
Andrew J. Kriegler was appointed president and chief executive officer of IIROC on November 1, 2014.[7] Before joining IIROC, Kriegler was deputy superintendent at Canada's banking regulator, the Office of the Superintendent of Financial Institutions, or OSFI, where he was responsible for supervising hundreds of federally regulated financial institutions.
Kriegler succeeds Susan Wolburgh Jenah, who headed IIROC's predecessor, the Investment Dealers Association of Canada (IDA) before becoming IIROC's first president and CEO in 2008. At the IDA, she had taken over the post from Joe Oliver, who was alter elected as a Member of Parliament and went on to serve as federal Minister of Finance.