October 03, 2017
Senior associate Rebecca Wise has spoken to advisor.ca about the Investment Industry Regulatory Organization of Canada (IIROC) oversight review report for 2016, saying a crackdown on dealers could ensue.
The oversight review aims to evaluate whether the selected regulatory processes were effective, efficient, and applied consistently and fairly. It also aims to see whether IIROC complied with the terms and conditions of the Recognizing Regulators’ recognition orders.
The article states that results from the report could mean dealers will face more scrutiny during examinations by the self-regulatory group’s business conduct compliance (BCC) staff.
“Dealers can potentially expect some crackdown on the examinations going forward,” Rebecca told advisor.ca.
The report also says Canadian Securities Administrators (CSA) expects IIROC to take regulatory action to ensure repeat or significant deficiencies are readily resolved.
“CSA’s expecting IIROC to do more to track significant repeat offenders, and that’s going to factor into what is referred to enforcement,” Rebecca said.
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