The Investment Industry Regulatory Organization of Canada has published its strategic plan, spelling out its regulatory plans and objectives.

The IIROC identifies its five basic goals, which are closely aligned with its major challenges, including:

> driving a culture of compliance;

> delivering effective, efficient and expert regulation;

> strengthening confidence in the fairness and integrity of Canadian financial markets;

> being a cost-effective organization; and

> being an accountable, fair and flexible organization.

Among the plans it has for acheiving these goals, the IIROC says that it will:

> reorganize and reformat its rules in plain English;

> develop a single electronic gateway to allow firms to file information;

> work with the CSA to develop a comprehensive oversight scheme for alternative trading systems;

> adopt a risk-based methodology for registration;

> strengthen its complaint intake and resolution process;

> implement and monitor compliance with new complaint handling standards;

> clarify roles and relationships in order to strengthen the client/advisor relationship, and improve transparency concerning account performance;

> develop a policy, rule framework and systems for the supervision of trading activity on debt markets;

> develop an equitable fee model; and

> implement a more cost-effective trading surveillance system, among other things.

IIROC also says that it believes that the move towards a more principles-based approach to regulation is desirable. “To the extent possible, regulation should allow sufficient flexibility for market participants to assume responsibility for determining how best to comply with clearly stated expectations to achieve the desired outcome in their particular circumstances,” it says.

IE