While the sanctions on firms have been collected in full, at the time of publishing its 2022 Enforcement Report, IIROC had collected only 18% of those handed to individuals.
In addition, 12 individuals and 1 firm were suspended, 4 people received permanent bans, and 9 had conditions imposed. One firm faced a suspension with 1 termination.
Top complaints
The rise in fines and other financial penalties was despite the number of complaints to IIROC falling from 1,396 in FY 2021 to 1,053 in 2022.
Unauthorized and discretionary trading saw the largest share of complaints reviewed (27%) followed by unsuitable investments (20%), misrepresentation (12%) and supervision (9%).
Among concluded proceedings, the top regulatory violations were:
