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IIROC releases Compliance Priorities Report

By The IJ Staff | January 18 2018 01:30PM

Photo: Stockvault.net

The Investment Industry Regulatory Organization of Canada (IIROC) has published its annual Compliance Priorities Report, which underlines the regulator’s focus on risk management, cybersecurity and conflicts of interest in 2018.

"IIROC protects investors and the integrity of Canadian markets by setting and upholding high regulatory standards," stated Victoria Pinnington, IIROC’s Senior Vice-President, Market Regulation and Policy, in an announcement Jan. 18. "The report provides IIROC-regulated firms with a view of how they are tracking against these standards and assists them with enhancing their compliance, supervision and risk management capabilities."  

New risks and trends

The priorities outlined in the report arise from new risks and trends; the results of targeted surveys and reviews; as well as recurring or significant exam deficiencies, says IIROC. “For example, following our review of compensation-related conflicts and a survey of order-execution-only dealers, we have enhanced our testing for compensation-related conflicts in our examinations.”

With respect to cybersecurity, the regulator visited small and mid-sized dealers to review their self-assessments for cybersecurity preparedness. Following these visits, the regulator prepared reports to help dealers identify opportunities for improvement.

Safeguarding personal information

"In a landscape of heightened security, IIROC believes it is critical for firms to maintain policies and procedures that protect their clients and their businesses by safeguarding personal information and business data," says Wendy Rudd, Senior Vice-President, Member Regulation and Strategic Initiatives, IIROC. "Proactive work in areas that present the greatest risk, such as cybersecurity, will remain a priority."

To learn more, consult the report on IIROC’s website.

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