TORONTO, June 9 /CNW/ - The Investment Industry Regulatory Organizationof Canada (IIROC) today announced that it has commenced operations as theself-regulatory organization overseeing all investment dealers and tradingactivity on equity and debt marketplaces in Canada. IIROC was created throughthe consolidation of the Investment Dealers Association of Canada (IDA) andMarket Regulation Services Inc. (RS).
IIROC will regulate the educational proficiency and business andfinancial conduct of investment dealers and their registered representatives.IIROC will monitor in real time and on a post-trade basis all trading activityon the following marketplaces for compliance with market integrity rules: TheToronto Stock Exchange (TSX); The TSX Venture Exchange (TSX V); CanadianTrading and Quotation System (CNQ) including its 'Pure Trading' facility;Bloomberg Tradebook Canada Company (Bloomberg); Liquidnet Canada Inc;BlockBook (operated by Perimeter Markets Inc.); MATCH Now; OMEGA ATS; andChi-X Canada.
"Merging market and member regulation into a national self-regulatoryorganization is a significant step towards modernizing, simplifying andstrengthening Canada's self-regulatory system," said Susan Wolburgh Jenah,President and Chief Executive Officer of IIROC. "New products, new tradingsystems and new technologies must be matched by a more integrated approach toregulation. Bringing knowledgeable people with common goals and specializedexpertise together under one roof will enhance investor protection and lead tobetter, more effective regulation."
Chair and Chief Executive Officer, Credit Suisse Securities (Canada),Inc. Ronald S. Lloyd, who serves as Chair of IIROC's Board of Directors, said"the merger will permit a more effective allocation of regulatory resourcesand improve the performance of self-regulation for the benefit of investorsand Canadian capital markets overall."
"We are very pleased with the quality, expertise and experience ofIIROC's new Board of Directors," Mr. Lloyd continued. "They bring a commitmentto self-regulation and the public interest that will stand our neworganization in good stead. I would like to thank the members of the Boards ofthe IDA and RS for their important contributions and to acknowledge theextraordinary efforts of staff at both organizations."
In addition to Wolburgh Jenah, the executive management team is comprisedof: Paul Bourque, Senior Vice President, Enforcement, Policy and Registration;Rosemary Chan, Senior Vice President, General Counsel and Corporate Secretary;Maureen Jensen, Senior Vice President, Surveillance and Compliance; and KeithPersaud, Senior Vice President Finance and Administration. The ExecutiveManagement Team will be supported by a management team that includes theregional Vice President for Quebec, Carmen Crepin, and for Western Canada,Warren Funt.
IIROC is the national self-regulatory organization which oversees allinvestment dealers and trading activity on debt and equity marketplaces inCanada.
