IIROC to Publish Unpaid Fines Report

par Andrew Rickard | June 17 2014 04:20PM

On June 12 the Investment Industry Regulatory Organization of Canada (IIROC) announced that it was going to start publishing an Unpaid Fines Report. It will list individual registrants who have failed to pay fines, disgorgement, and/or costs imposed as a result of disciplinary action taken against them since 2008. The report will be updated quarterly and published at

In 2013, IIROC collected 98.1% of the monetary penalties assessed against firms but only 10.5% of the penalties assessed against individual registrants. Payment of monetary penalties is mandatory for firms and individuals who wish to remain members or registrants of IIROC, and the regulator says that it will take immediate steps to suspend disciplined parties should they fail to pay their fines, and that they will remain suspended until payment is made.

"We are publishing this information to improve transparency and give investors another tool they can use to conduct due diligence when choosing to work with an advisor," said Paul Riccardi, senior vice-president of member regulation at IIROC.