Question of the week: What is IIROC?

The Investment Industry Regulatory Organization of Canada (IIROC) is the national self-regulatory organization (SRO) that oversees all investment dealers and trading activity in debt and equity markets in Canada. IIROC’s mandate is similar to that of the Nova Scotia Securities Commission and other securities regulators in Canada in that they aim to “set and enforce high quality regulatory and investment industry standards, protect investors and strengthen market integrity while maintaining efficient and competitive capital markets.”

IIROC was created in 2008 following the consolidation of the Investment Dealers Association of Canada and the Market Regulation Services Inc. All investment dealer firms and the individual dealers that work for these firms must be registered with IIROC to do business in Canada. Along with the rules and regulations that are set by the Nova Scotia Securities Commission, the firms must also follow a set of rules and regulations that are monitored and enforced by IIROC. These rules and regulations address the proficiency and qualifications of individuals, as well as the business and financial conduct of investment dealers and their registered representatives.

As well as regulation and establishing rules for investment dealers across Canada, IIROC also establishes and enforces market integrity rules for trading activity on Canada’s equity exchanges and alternative trading systems. The trading activity is monitored through IIROC’s Surveillance and Trading Review and Analysis Department.

On January 1, 2023 IIROC was merged with the Mutual Fund Dealers Association of Canada (MFDA) to form the New SRO. The New SRO consolidates the functions of IIROC and the MFDA. The New SRO regulates mutual fund dealers, investment dealers, and acts as the regulation services provider for marketplaces that have retained it as such, including monitoring trading on those marketplaces for compliance with New SRO rules and securities legislation.

For more information on the New SRO visit -