IIROC proposes increasing award limit under arbitration program

Posted on August 25, 2010

The Investment Industry Regulatory Organization of Canada (IIROC) yesterday released a summary of public comments relating to its review of the IIROC arbitration program in response to a notice published in December 2009.  Following its review, IIROC also has now released a request for comments on, among other things, proposals to increase the award limit under the program to $500,000 and to amend the procedural rules to permit claimants, at the commencement of a proceeding, to eliminate the arbitrator's discretion to award costs against a party. According to IIROC, the higher award limit

is appropriate and reflects a balance between providing greater access to recourse that is expeditious and cost-effective, and ensuring adherence to principles of natural justice and legal process.

The comment period on the proposals ends on October 8, 2010.

See: IIROC's News Release, IIROC Notice 10-0227 and Appendix A to the Notice, reviewing comments submitted in response to the previous notice.

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