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25-579: The organization sets regulatory and investment industry standards and has quasi-judicial powers in that it holds enforcement hearings and has the power to suspend, fine and expel members and registered representatives, such as advisors. However, it has often been criticized by investor advocates as ineffective. IIROC was formed on June 1, 2008, through the merger of the Investment Dealers Association of Canada (IDA) and Market Regulation Services Inc. (RS). The Bond Dealers Section of

50-580: A client without the client's written consent. IIROC also imposed penalties for not disclosing the commission-sharing arrangement with its clients. Blackmont Capital and Duke were assessed a total of $ 857,500 in fines by IIROC. In 2011, the British Columbia Securities Commission (BCSC) overturned IIROC's decision and penalties against Blackmont Capital and Duke. A BCSC appeal panel contended that Blackmont and Duke's act of not disclosing their commission-sharing arrangement

75-570: A new separate and independent industry association, the Investment Industry Association of Canada. Market Regulation Services Inc. was formed in 2002 in response to the implementation of National Instruments 21-101 Marketplace Operation and 23-101 Trading Rules , which require an independent regulation services provider to regulate trading in all Canadian marketplaces, including the TSX . In January 2023, IIROC merged with

100-713: A result. IIROC penalized Alboini with a suspension of two years, a permanent ban from being an "ultimate designated person" and fines totaling $ 750,000. Northern Securities appealed IIROC's decision to the Ontario Securities Commission (OSC). The OSC overturned one count against Alboini and Northern Securities, namely that Alboini and Northern Securities had not corrected deficiencies found in IIROC compliance reviews. The OSC also overturned IIROC's penalties against Alboini and Northern Securities, saying that IIROC should not have announced serious penalties at

125-495: Is a member of the World Trade Centers Association , a not-for-profit global association for international trade expansion. The Board was founded 10 February 1845 by an act of the legislature of Canada: To promote and/or support such measures as, upon due consideration, are deemed calculated to advance and render prosperous the lawful trade and commerce and to foster the economic and social welfare of

150-565: Is subject to CSA oversight and regular operational reviews. The CSA (Canadian Securities Administrators) investigated IIROC for the loss of personal financial data of thousands of brokerage clients after IIROC announced that it lost a mobile device containing the information. The device had not been encrypted, which is in violation of IIROC policy. The case reviewed IIROC's current policies, controls and procedures around information security . More than 50,000 Canadian brokerage clients, from 32 investment firms, had personal financial information on

175-734: Is the largest Chamber of Commerce /board of trade in Canada and one of the largest in North America . Its primary contemporary focus is to advocate for policy change that drives the growth and competitiveness of the Toronto region on members' behalf. Its stated objective is to make the Toronto region one of the most competitive and sought-after business regions in the world. It offers business services, educational programing, facilities, and events to its members, and policy advices and analysis to

200-705: The Canadian province of Ontario . The OSC is an Ontario Crown agency which reports to the Ontario legislature through the Minister of Finance . Canada does not have a national securities regulator, and each province and territory regulates its own capital markets; OSC regulates the capital markets in Ontario. Other notable provincial regulators include the Alberta Securities Commission ,

225-523: The Toronto Board of Trade was formed in 1916 as a trade organization to coordinate financing of Canada's war effort. It was renamed the Investment Dealers Association of Canada in 1934. Throughout most of its history, the IDA serve both as a regulator and as an advocacy organization for the securities dealers. In 2006, IDA narrowed its focus to regulation and transferred its industry association role to

250-706: The Toronto Corn Exchange Association . The Old Toronto Board of Trade Building (1892–1958), which housed the board, was Toronto's first skyscraper at seven storeys. In 1932−33, the board's name was officially changed to "The Board of Trade of Metropolitan Toronto ". At one point, the Toronto Board of Trade had a number of golf courses, including the Downtown Club course, the Country Club (Woodbridge, opened 1965), and

275-633: The BCSC overturned IIROC's decision against Steinhoff. In overturning IRROC's decision, the BCSC stated that IIROC's ruling against Steinhoff was not supported by the objective evidence, but was made on the basis of character evidence. The BCSC panel also concluded that Steinhoff was entitled to defend herself and therefore overturned the charges against her for obstructing IIROC's investigation. The organization has been involved in litigation over its power to discipline former members for their conduct while they were members. An Ontario Divisional Court decision in

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300-552: The City of Toronto... To advance in all lawful ways the commercial interests of the members of the Corporation generally and to secure the advantages to be obtained by mutual co-operation. ...each and every person carrying on trade and commerce of any kind, or being a Cashier, Manager or Director of any Financial Institution, Railway or Insurance Company, shall be eligible to become a member of the said Corporation. Its first president

325-399: The IIROC dismissed all charges against Berry. In September 2010, IIROC contended that a Vancouver brokerage firm, Blackmont Capital Inc., and an employee, Dean Shannon Duke, acted against two IIROC rules in agreeing to share trading commissions with a third party. In December 2010, IIROC imposed penalties on both Blackmont Capital and Duke for splitting commissions with people associated with

350-545: The Investment Dealers Association of Canada (IDA) before becoming IIROC's first president and CEO in 2008. At the IDA, she had taken over the post from Joe Oliver , who was alter elected as a Member of Parliament and went on to serve as federal Minister of Finance . IIROC operates under Recognition Orders from the Canadian Securities Administrators (CSA), which is the umbrella for Canada's provincial and territorial securities regulators. IIROC

375-856: The Mutual Fund Dealers Association of Canada (MFDA) to form the Canadian Investment Regulatory Organization (CIRO). Andrew J. Kriegler was appointed president and chief executive officer of IIROC on November 1, 2014. Before joining IIROC, Kriegler was deputy superintendent at Canada's banking regulator, the Office of the Superintendent of Financial Institutions , or OSFI, where he was responsible for supervising hundreds of federally regulated financial institutions. Kriegler succeeds Susan Wolburgh Jenah, who headed IIROC's predecessor,

400-561: The NorthEast Club. On June 17, 1973, its members voted to admit women to full membership. In January 2013, under the leadership of then president Carol Wilding, it changed its name to its current name in an effort to reflect the interconnectedness of the Greater Toronto Area business community and to recognizes that the organization’s “membership is not bound by geography.” The move was initially controversial, as

425-414: The device. At least one source has called the incident a cover up. IIROC charged David Berry with securities law violations that were used by Scotiabank as grounds for his dismissal. David Berry claims his dismissal and the reputation damage stemming from the IIROC charges have cost him $ 105M dollars. In a ruling on January 15, 2013, more than seven years after the initial accusation, a hearing panel of

450-703: The governments of the City of Toronto , the Province of Ontario , and Canada , and various public organizations and agencies. It develops and promotes policies and programs under the key strategic pillars of trade, transportation and talent. It operates at its office in First Canadian Place in Toronto's financial district . Toronto Region Board of Trade owns the Toronto franchise of World Trade Centre , and operates World Trade Centre Toronto (WTC-T) as its trade services division. World Trade Centre Toronto

475-712: The matter of Stephen Taub ruled the Ontario Securities Act does not allow this. The British Columbia Court of Appeal reached a different conclusion in the matter of Charles Dass and upheld a decision of the British Columbia Securities Commission that IIROC does have jurisdiction over former members. Later the Ontario Court of Appeal reversed the Ontario Divisional Court decision and reached

500-590: The organization proceeded with the change with no consultation and limited advance notice to its sister organizations within the region. Its two largest sister organizations, the Mississauga Board of Trade and the Brampton Board of Trade , accused the organization of misrepresenting its scope in a "blatant attempt to steal members". The controversy subsided after current president Jan De Silva created, with her counterparts in sister organizations in

525-557: The region, the Canada Innovation Corridor Business Council as a forum for collaboration and cooperation. In 2017, the organization started campaigning to shift ownership of municipally owned transit agencies in Toronto. Ontario Securities Commission The Ontario Securities Commission ( OSC ; French: Commission des valeurs mobilières de l’Ontario ) is a regulatory agency which administers and enforces securities legislation in

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550-479: The same conclusion as the British Columbia Court. In Saskatchewan and Alberta , provincial securities regulations state explicitly that self-regulatory organizations have the power to pursue enforcement activities with regards to former members. Toronto Board of Trade The Toronto Region Board of Trade is the principal local business community organization in the City of Toronto . It

575-468: The same time as their decision. IIROC imposed charges against broker, Carolann Steinhoff. Focusing on Steinhoff's activities between 2004 and 2007, IIROC contended that Steinhoff had instructed her assistants to falsify client documents and that she had obstructed IIROC investigations. Part of IIROC's contentions related to Steinhoff's instruction to her assistant to cut and paste a client's signature from an existing form to an unsigned guarantee. In 2011,

600-406: Was George Percival Ridout , who served in that position until 1852 when he was elected to the legislature. Following Ridout, Thomas Clarkson , also a founding member and founder of Clarkson Gordon & Co served as president until 1854. It grew slowly, and had only acquired 60 members by 1856. Until the 1860s, most members were traders, specifically wholesalers. In 1884, it was amalgamated with

625-484: Was not against public interest. The BCSC reversed IIROC's verdict and the imposing of its fines. An Oct. 2012 IIROC Hearing Panel dismissed all allegations made by IIROC against Evergreen Capital Partners Inc. executives Loretta Carbonelli and Gerald T.Conway. In 2012, IIROC contended that activist investor, Vic Alboini, and two other executives at Northern Securities Inc. had improperly obtained credit for Jaguar Financial Corporation and had risked Northern Securities as

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