From IDA to IIROC: Has self-regulation in the Canadian investment industry evolved?

IF 1.1 4区管理学 Q3 PUBLIC ADMINISTRATION

Canadian Public Administration-Administration Publique Du Canada Pub Date : 2023-09-15 DOI:10.1111/capa.12541

Mark Lokanan, Kush Sharma

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Abstract

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.

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从IDA到IIROC：加拿大投资行业的自我监管是否已经演变？

本文分析了加拿大投资行业监管组织（IIROC）的执法实践，并与其前身加拿大投资交易商协会（IDA）进行了比较。该研究收集了IIROC在2008年6月至2019年12月期间裁决的法庭案件的数据，并将其与IDA在1984年至2008年期间执行投诉的数据进行了比较。调查结果显示，这两个监管机构的罚款在统计上没有显著差异。此外，IIROC没有发布宽大的处罚，如重新参加考试/课程或强制规定违规者的条款和条件。研究结果还表明，随着时间的推移，对该行业犯罪类型的数量或分布没有显著影响。最值得注意的是，安大略省证券委员会、加拿大证券监管机构和新成立的加拿大自律组织在制定有关金融市场自律作用的政策时，应考虑这些调查结果。

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来源期刊

Canadian Public Administration-Administration Publique Du Canada PUBLIC ADMINISTRATION-

CiteScore

1.90

自引率

20.00%

发文量

期刊介绍： Canadian Public Administration/Administration publique du Canada is the refereed scholarly publication of the Institute of Public Administration of Canada (IPAC). It covers executive, legislative, judicial and quasi-judicial functions at all three levels of Canadian government. Published quarterly, the journal focuses mainly on Canadian issues but also welcomes manuscripts which compare Canadian public sector institutions and practices with those in other countries or examine issues in other countries or international organizations which are of interest to the public administration community in Canada.