Ellen Roseman

Personal finance columnist at the Toronto Star and previously the Globe and Mail. My passion is consumer advocacy and making sense of money

Apr 9, 2021
Published on: LinkedIn
1 min read

A self-regulatory organization changes its position after listening to the comments of investor advocates. It’s unusual enough to warrant a news posting. Thanks, Harold.
#iiroc #contraventions #poweroflistening #faircanada

Here is an example of IIROC listening to investor advocates. IIROC has withdrawn its proposed Minor Contravention Program. The Staff Notice to replace MCP strikes the right balance in encouraging advisors and dealers to admit their regulatory breaches. While I supported a version of the MCP, it needed work. Kudos to #IIROC and #CharlesCorlett for their leadership. Industry should work with investor advocates to fine tune the MCP concept for re-introduction by IIROC. This is an example of how the investor's interest and industry's interest overlap and can help an SRO improve it's work. See: https://lnkd.in/dzfwJBi and https://lnkd.in/d6eXNf7

Withdrawal of proposed amendments to adopt the Minor Contravention Program