On January 13, 2015, the Investment Industry Regulatory Organization of Canada (IIROC) released Revised Sanction Guidelines and related Policy Statements, which go into effect February 2, 2015. Both of these documents were previously released for comment on November 6, 2013.
Relevant Changes
Significantly, once implemented, there will no longer be ‘hard and fast’ rules for setting fines against members found to have violated IIROC’s Dealer Member and UMIR rules: the Revised Sanction Guidelines did away with the minimum fine requirements and/or prescribed fine ranges set out under the previous sanction guidelines in favour of a principle-driven approach. According to IIROC, the removal of specific guidelines for itemized regulatory violations will address the mistaken notion that sanction decisions are formulaic and determined through the application of a check-list, and will reinforce the concept that appropriate sanctions are determined on a case-by-case basis.
Lawrence E. Ritchie, Lia Bruschetta & Henry Ngan – OSLER – FEB 10, 2015
Want More Investigative Content?
