Canada:
IIROC Publishes Consolidated Compliance Report
03 November 2010
Stikeman Elliott LLP
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On October 22, the Investment Industry Regulatory
Organization of Canada released its Annual Consolidated Compliance
Report, which discusses the deficiencies found by
IIROC compliance teams during field examinations of member firms.
IIROC teams in Financial and Operations Compliance, Business
Conduct Compliance and Trading Conduct Compliance identified three
general compliance deficiencies common across the above programs,
namely: (i) inadequate supervisory testing; (ii) inaccurate or
incomplete books and records; and (iii) compliance programs not
updated to reflect new rules or obligations. Specific compliance
deficiencies identified included inaccurate or inappropriate margin
provisions, inadequate controls around the sale of private
placements and inadequate procedures to ensure that better priced
orders in the visible market are not traded-through.
IIROC further stated that it would be undertaking focused
regulatory reviews on an ongoing basis to test for compliance in
specific areas. For more information, see IIROC Notice
10-0278.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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