Straight Talk  

Investment Industry Regulatory Organization of Canada (IIROC) begins operations

Effective June 1, 2008, a newly created national self-regulatory organization will oversee all investment dealers and trading activity in Canadian debt and equity markets.  Created by the merger of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS), the Investment Industry Regulatory Organization of Canada (IIROC) will continue to set regulatory and investment industry standards, protect investors and encourage efficient capital markets.

IIROC will carry out its regulatory responsibilities by setting and enforcing rules regarding the conduct of dealer firms and their registered employees, as well as setting and enforcing market integrity rules regarding trading activity on Canadian equity exchanges.

The IDA was formed in 1916 by a group of Toronto bond dealers. Starting in the 1990s, provincial regulators recognized the IDA as a self-regulatory organization for full-service investment dealers and their employees.

RS was launched on March 1, 2002 by the TSX Group (operator of Canada’s largest equity exchange) and the Investment Dealers Association of Canada (IDA).  RS carried out the surveillance, compliance, investigation and enforcement functions of the TSX and TSX Venture Exchanges. 

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