The Investment Dealers Association has approved amendments to its by-laws concerning disciplinary hearings and it has published its rules of practice and procedure for hearings.

The various amendments and the establishment of rules of practice and procedure are to be effective Oct. 1. The IDA says that the amendments serve to consolidate all rules concerning IDA hearing processes within one by-law (by-law 20), and “streamline and improve the hearing processes and ensure that the association can meet its regulatory mandate while balancing the needs of efficiency and meeting the principles of natural justice and fairness”.

The IDA says that the rules of practice and procedure were developed to assist respondents and panels in the conduct of hearings and matters related to hearings. These rules spell out such things as the rights of a respondent at a hearing: to attend and be heard in person; to be represented by counsel or an agent; to call and examine witnesses; to conduct cross-examination of witnesses; and, to make submissions.

It notes that its panels have the power to: make any determination, hold any hearing and make any decision, order, interim order or impose any terms required to implement such order, required or permitted under the rules; admit as evidence in a hearing, whether or not given or proven under oath or affirmation, anything that is relevant to the proceedings; require presentation of evidence or testimony under oath or affirmation; and, waive any procedural requirement set out in these rules upon the request of one or both parties.

It also explains the criteria the IDA considers when determining how to proceed with a disciplinary case. When issuing a Notice of Hearing, the IDA will designate the discipline proceeding as on a standard track or complex track, based on: the complexity of the factual and legal issues; the anticipated number of documents to be introduced at the hearing; the anticipated number of witnesses; the likelihood of expert evidence; and, the anticipated duration of the hearing.