REQUEST FOR COMMENT
INVESTMENT INDUSTRY REGULATORY ORGANIZATION OF CANADA (IIROC)
MINOR CONTRAVENTION PROGRAM AND EARLY RESOLUTION OFFERS
IIROC is proposing amendments to its Consolidated Enforcement, Examination and Approval Rules to implement the Minor Contravention Program (MCP). IIROC is also proposing to adopt a Staff Policy Statement on Early Resolution Offers (the Staff Policy Statement).
The MCP and the Staff Policy Statement would expand the options available to IIROC Enforcement Staff to address wrongdoing in a fair and proportionate manner. The MCP would provide a more efficient means to resolve cases that cannot be adequately addressed by way of a cautionary letter but do not warrant formal disciplinary proceedings. The Staff Policy Statement would promote the efficient resolution of cases by encouraging settlement agreements at an earlier point in the enforcement process.