Public Interest Regulator
Protecting Investors and Supporting Healthy Canadian Capital Markets
The Role
of Enforcement
IIROC’s Enforcement Department (Enforcement) is responsible for the enforcement of IIROC’s Rules, that govern the activities of Dealer Members and their registered employees (referred to as Approved Persons), as well as the Universal Market Integrity Rules (UMIR) which govern trading activity on Canadian equity marketplaces.
Enforcement plays a key role in IIROC’s pursuit to protect investors, strengthen market integrity, and support healthy capital markets across Canada. Enforcement works with IIROC’s other departments (including Complaints & Inquiries, the various compliance groups, Trading Review & Analysis, and Registration) to ensure timely identification, investigation, and prosecution of regulatory misconduct, as well as the detection and pre-emptive disruption of potential misconduct.
Effective enforcement requires coordinated and cooperative efforts among regulators and other agencies. Where IIROC detects any potential violations of provincial securities acts, we refer such matters to the relevant CSA jurisdiction. In certain circumstances, we work collaboratively with CSA jurisdictions on matters of mutual interest. We also make referrals to other domestic or foreign regulators and agencies and, if there is evidence of potential criminal activity, to the police.