Notice of Withdrawal - Proposed Amendments Respecting the Minor Contravention Program - Investment Industry Regulatory Organization of Canada (IIROC)

Market Regulation Document Type
IIROC rule review

 

IIROC is publishing a Notice withdrawing proposed amendments to adopt the Minor Contravention Program (MCP) (the Proposed Amendments). On February 22, 2018, IIROC initially published the preliminary proposal for the MCP. On April 25, 2019, IIROC published for comment the Proposed Amendments along with a Staff Policy on Early Resolutions Offers. The objective of the Proposed Amendments was to introduce the alternative means to resolve cases that could not be adequately addressed by way of a Cautionary Letter but do not warrant formal disciplinary proceedings.

In light of the concerns expressed in public comments regarding MCP’s lack of clear criteria, uncertainty as to MCP’s applicability and anonymous reporting of MCP’s outcomes that could be detrimental to the public interest, IIROC has withdrawn the Proposed Amendments. IIROC will consider revisions or alternatives to the MCP and may make a further proposal for public comment.

IIROC will proceed with the adoption of Staff’s Policy Statement on Early Resolution Offers, which is separate from the Proposed Amendments.

A copy of the IIROC Notice of Withdrawal can be found at www.osc.ca