Les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont mené leur inspection annuelle fondée sur les risques de l'Organisme canadien de réglementation du commerce des valeurs mobilières (l'« OCRCVM ») qui couvre la période allant du 1er septembre 2019 au 31 août 2020 (l'« inspection ») et ont récemment publié un rapport d'inspection (le rapport).
Une traduction de ce billet sera disponible prochainement.
The Canadian Securities Administrators (CSA) performed their annual risk-based oversight review of the Investment Industry Regulatory Organization of Canada (IIROC) covering the period from September 1, 2019 to August 31, 2020 (Review) and recently issued a report of their findings (Report).
The CSA's Review targeted IIROC's Equity Market Surveillance and Debt Market Surveillance (Equity and Debt Market Surveillance) functions which were identified as areas with above average adjusted risk scores. The CSA examined the following:
- IIROC's processes to develop, regularly assess and update equity and debt market surveillance alerts to ensure they align with market conditions,
- The equity and debt market surveillance policies and procedures manuals,
- The adequacy of the Market Wide Circuit Breaker process,
- A sample of triggered debt market surveillance alerts, and
- The data integrity assurance processes and procedures that ensure accuracy and consistency of the debt transaction data reported.
Results of Review
CSA staff note that IIROC has made sufficient progress in resolving the findings cited in previous oversight reports, the most recent of which we wrote about here. With respect to the latest Review, overall, the CSA were satisfied with the adequacy of the processes and procedures in the areas identified. However, there was a low priority finding that key processes and procedures were not integrated into the Equity and Debt Market Surveillance policies and procedures manuals. The CSA also found that IIROC did not have the practice of documenting the periodic meetings in which they discuss and assess the effectiveness of alerts in production and trends of triggered alerts to determine if any changes are necessary. In response to the results of the Review, IIROC has amended their policies and procedures manuals accordingly and included a requirement to hold regular Alert Reviews documented by maintaining minutes of the meetings.
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