From IDA to Iiroc

Has self‐regulation in the Canadian investment industry evolved

Bibliographic Data

ID9784438
AuthorsMark Lokanan (0000-0002-2099-0115, Faculty of Management at Royal Roads University, corresponding author), Kush Sharma (0000-0002-2909-5707, Faculty of Management at Royal Roads University)
Year2023
Volume66
Issue3
Pages366-389
Publication date2023-09-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueCanadian Public Administration (JOURNAL)
Journal identifiersISSN: 0008-4840 • E-ISSN: 1754-7121
PublisherWiley (PUBLISHER • GB)
DOI10.1111/capa.12541
OpenAlexW4386778865
LanguageEN
References cited27

This article analyzes the enforcement practices of the Investment Industry Regulatory Organization of Canada (IIROC) and compares them with its predecessor, the Investment Dealers Association of Canada (IDA). The study collected data from IIROC's tribunal cases decided between June 2008 and December 2019 and compared them with data on the IDA's enforcement of complaints from 1984 to 2008. The findings reveal no statistically significant difference in the fines imposed by the two regulatory bodies. Furthermore, IIROC has refrained from issuing lenient penalties such as retaking examinations/courses or mandating terms and conditions for offenders. The results also indicate no significant impact on the number or distribution of offense types committed in the industry over time. Most notably, the Ontario Securities Commission, the Canadian Securities Regulators, and the new Self‐Regulatory Organization of Canada should consider these findings when formulating policies concerning the role of self‐regulation in the financial markets

Business · Commission · Enforcement · Foreign direct investment · Investment (military · Investment banking · Investment policy · Political science · Tribunal · Accounting · Finance · Global Financial Regulation and Crises · Law · Law, Economics, and Judicial Systems · Regulation and Compliance Studies

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