The Investment Industry Regulatory Organization of Canada (IIROC) has made managing issues arising from the COVID-19 pandemic one of its top priorities for 2021.
Those include making the health and safety of staff and stakeholders, investor protection and healthy capital markets a priority as well as continuing to ensure Canada's debt and equity markets operate in an orderly manner. IIROC also said it will support the ability of investment firms to serve Canadians, for example, by considering and granting exemptive relief, where appropriate, for firms experiencing pandemic-related issues, without compromising investor protection.
Aims to advance issues dealing with investor protection
IIROC said it will also advance various initiatives and commitments related to investor protection and explore ways to return funds collected from an advisor or firm that it has disciplined. It will also continue to work with the Canadian Securities Administrators in support of a "safe harbour" rule for advisors and develop tools to protect vulnerable investors.
In addition, IIROC said it will support industry transformation, such as engaging with stakeholders with regards to its proposal to improve self-regulation for Canadians and publish a cost-benefit assessment conducted by an independent consulting firm.
"Despite the uncertainties and challenges of the current environment, IIROC's commitment to investor protection and healthy capital markets informs our priorities as we plan for the future," says Andrew Kriegler, IIROC's president and CEO. "We will continue to leverage our learnings and input from stakeholders to enhance our approach to regulation and better meet the changing needs of Canadians."
