Annual Report 2020-21

Public Interest Regulator
Protecting Investors and Supporting Healthy
Canadian Capital Markets

About IIROC

IIROC is the national self-regulatory organization which oversees all investment dealers and their trading activity in Canada’s debt and equity markets.

IIROC sets high-quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of dealer firms and their registered employees, and through setting and enforcing market integrity rules regarding trading activity on Canadian debt and equity marketplaces.

Mission

Our mission is to protect investors and support healthy Canadian capital markets.

Vision

IIROC’s vision statement describes what we want to achieve over time – it is our definition of long-term success.

We will demonstrate how our self-regulatory model serves the public interest, by:

  • inspiring confidence and deterring wrongdoing by having and using robust and appropriate tools
  • making the delivery of securities regulation in Canada significantly more efficient
  • being known as a trusted, respected and valued partner by our stakeholders
  • being a leading-edge securities regulator
  • creating a culture that attracts and retains high-quality employees

How we work

IIROC’s regional roots run deep. IIROC’s District Councils and policy consultative committees offer insight and invaluable input. Self-regulation helps to ensure that policies and rules keep pace with evolving markets through consultation with industry participants who are confronted by change on a daily basis. This process helps ensure that rules and policies are balanced and practical.

IIROC’s National Advisory Committee serves as a forum for representatives of the District Councils to raise and discuss matters of interest, provide input on policy initiatives and report to the IIROC Board of Directors three times a year.


IIROC’s 10 District Councils address registration and membership matters, raise issues of regional interest, and add perspective to national issues, including policy issues. They ensure regional input into the regulatory process – an integral component of self-regulation.

IIROC’s Policy Advisory Committees

  • Financial and Operations Advisory Section
  • Conduct, Compliance and Legal Advisory Section
  • Proficiency Committee
  • Fixed Income Advisory Committee
  • Market Rules Advisory Committee

By the numbers

147
District Council members
17*
Member Firms participating in district councils
40
meetings
227**
decisions made
218
committee members
211***
dealer firms and marketplaces represented
5
Member Policy rule proposals published
5
Member Policy rule amendments published
1
Market Policy rule
proposal published
  1. Dealer Member firms may participate on multiple District Councils and are counted for each District Council on which they are represented. However, within each District Council a Dealer Member firm is counted only once regardless of whether the firm is represented on the Council by more than one individual.
  2. Includes decisions made by Registration Committees and District Councils.
  3. Firms and marketplaces may participate in multiple committees.

A collage of images depicting the Canadian landscape, signifying IIROC’s enforcement authority across Canada.

A collage of images depicting the Canadian landscape, signifying IIROC’s enforcement authority across Canada.

The top most image depicts the prairies with a rolling landscape of Grasslands National Park in Saskatchewan.

Western Canada is depicted next with an image of a large mountain range in Jasper National Park.

The middle image depicts a huge sheer rock formation known as Perce Rock sitting in the Gulf of the Saint Lawrence River, situated on the tip of the Gaspe Peninsula in Quebec.

To the left of this image is an image that depicts the rugged landscape of Franklin Island in Georgian Bay, Ontario. The windswept white pine trees are growing up from the rocky Canadian Shield.

Below this is an image depicting Northern Canada with an image of a colourful red and green tundra landscape in Nunavut with low mountains in the distance.

Finally the bottom right image depicts the Maritimes with an image of a lighthouse at Peggy’s Cove in Nova Scotia sitting high on the edge of the rocky land as heavy surf crashes ashore.