On April 25, 2016, IIROC released a notice announcing the introduction of a new voluntary mediation program. The goal of the program is to assist the settlement of enforcement proceedings, as well as resolving specific issues arising from those proceedings. The program is available to parties immediately.
While the mediation program is technically available any time after a Notice of Hearing has been issued, IIROC cautioned that parties should not attempt to use the program as a tool to unduly delay the completion of enforcement proceedings.
Both parties must consent to participating in the mediation program and agree to the choice of mediator. Mediators will be selected in a similar fashion as most civil proceedings (there will be no roster of pre-approved mediators) but mediators with knowledge and experience in the securities regulatory industry will be given preference.
Similar to the normal hearing process, a mediated settlement agreement must be approved by an IIROC Hearing Panel. A link to the notice can be found here.
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