IIROC releases inaugural enforcement report

April 4, 2013

The Investment Industry Regulatory Organization of Canada (IIROC) recently released its inaugural enforcement report for 2012. According to the report, which provides a summary of IIROC's enforcement actions between 2009 and 2012, IIROC initiated 256 investigations and 129 prosecutions during 2012, with assessed fines and fees totaling over $12 million. The most common regulatory violation prosecuted by IIROC with respect to individuals concerned issues related to due diligence, handing of client accounts, or suitability. Meanwhile, prosecutions against firms were most commonly a result of issues concerning supervision. The report also provides summaries of the most significant cases IIROC has prosecuted in the last few years.

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