The Investment Industry Regulatory Organization of Canada (IIROC) today announced that it has commenced operations as the self-regulatory organization overseeing all investment dealers and trading activity on equity and debt marketplaces in Canada.

IIROC was created through the consolidation of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS).

IIROC will regulate the educational proficiency and business and financial conduct of investment dealers and their registered representatives. IIROC will monitor all trading activity on the following marketplaces for compliance with market integrity rules: the Toronto Stock Exchange; TSX Venture Exchange; Canadian Trading and Quotation System (CNQ) including its Pure Trading facility; Bloomberg Tradebook Canada Company; Liquidnet Canada Inc.; BlockBook (operated by Perimeter Markets Inc.); MATCH Now; OMEGA ATS; and Chi-X Canada.

“Merging market and member regulation into a national self-regulatory organization is a significant step towards modernizing, simplifying and strengthening Canada’s self-regulatory system,” says Susan Wolburgh Jenah, president and CEO of IIROC. “New products, new trading systems and new technologies must be matched by a more integrated approach to regulation. Bringing knowledgeable people with common goals and specialized expertise together under one roof will enhance investor protection and lead to better, more effective regulation.”

“We are very pleased with the quality, expertise and experience of IIROC’s new board of directors,” says Ronald Lloyd, chairman and CEO, Credit Suisse Securities (Canada), Inc, who also serves as chairman of IIROC’s board of directors,

“The merger will permit a more effective allocation of regulatory resources and improve the performance of self-regulation for the benefit of investors and Canadian capital markets overall,” Lloyd adds.

In addition to Wolburgh Jenah, IIROC’s executive management team includes:

  • Paul Bourque, senior vp, enforcement, policy and registration;
  • Rosemary Chan, senior vp, general counsel and corporate secretary;
  • Maureen Jensen, senior vp, surveillance and compliance; and
  • Keith Persaud, senior vp, finance and administration.

The executive team will be supported by a management team that includes the regional vp for Quebec, Carmen Crépin, and for Western Canada, Warren Funt.