Hot on the heels of the OSC's release of its 2012 Annual Report, IIROC has just released its annual report for 2011-2012. Entitled Raising the Bar, the report outlines the progress made by IIROC to enhance regulatory standards and strengthen investor protection in Canada, and also summarizes the organization's enforcement activities over the last year.
Of particular interest, the report includes a scorecard that sets out how IIROC's activities in fiscal 2012 furthered the goals outlined in its Strategic Plan for 2011-2012 (IIROC recently updated its Strategic Plan for 2012-2015). Accomplishments over the last year included completing the initial phase of the Dealer Member rules plain language rewrite (as we discussed in March 2011 and May 2011), finalizing the OTC Securities Fair Pricing Rule, and conducting over 300 onsite compliance reviews of member firms.
On the enforcement end, IIROC noted that it held 73 disciplinary hearings over the course of the year, issued 29 suspensions and banned 9 individuals from the industry. This compares to 60 disciplinary hearings, 19 suspensions and 13 bans the previous year.