The provincial securities regulators gave the Investment Industry Regulatory Organization of Canada (IIROC) an almost spotless report card following their latest review of the self-regulatory organization (SRO).
The Canadian Securities Administrators (CSA) published a report today detailing the results of its latest oversight review, which found only a couple of minor quibbles with the IIROC’s processes. Overall, it concludes that IIROC is meeting the terms of its recognition order and, that it has addressed the issues uncovered in previous CSA reviews.
“CSA staff also followed up on findings cited in previous oversight reports, which were within the scope of the review, and acknowledged that IIROC made sufficient progress in resolving those issues,” the report states.
The latest IIROC review, which was conducted jointly by staff from eight of the provincial securities regulators, found just one governance-related issue, relating to IIROC’s process for approving expenditures from its restricted fund. The CSA classified this issue as a “medium priority” finding and notes that IIROC has already taken steps to address its concerns.
The CSA uncovered only one other finding, a “low priority” issue that involved a lack of written procedures for tracking changes to laws in Quebec.