The Investment Industry Regulatory Organization of Canada (IIROC) published its 2019 Priorities to protect investors and promote healthy capital markets, taking on blockchain for the first time. The areas of focus outlined for action by the public interest regulator support nine objectives previously outlined in its three-year strategic plan with one key addition.The IIROC has created a 10th strategy which addresses the transformational implications for markets, investors, dealers, and infrastructure, of financial and blockchain technology and digital assets.
The 10th strategy is titled Supporting Industry Transformation and specifically deals with the fast pace of industry change and the rise of financial technology (FinTech), blockchain, and digital assets which has transformational implications for all stakeholders.
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Within the new strategy the IIROC has committed to provide more insight for stakeholders on how we are exploring emerging issues and trends, while focusing on investor protection.It expects to subsequently create new supporting priorities and multi-year initiatives across the other nine core strategies in response to its efforts in the areas of FinTech, blockchain and digital assets.The mission of the IIROC is to protect investors and support healthy Canadian capital markets. Its role is to oversee all investment dealers and their trading activity in Canadas debt and equity markets. The IIROC aligns with the Canadian Securities Regulators (CSA) on overlapping issues.The IIROC vision includes serving the public interest by deterring wrongdoing and making securities regulation in Canada more efficient through being a leading-edge regulator.The nine existing strategies in its three-year plan, which it expects blockchain technology and digital assets to filter into, cover policy development, enforcement, market supervision, information sharing, conduct and prudential supervision, value delivery, technology and its organizational culture.
To protect investors the IIROC has specific action points in its strategies such as helping dealers protect vulnerable investors, implementing a Plan Language Rule Book, dealer training, pursuing additional enforcement powers, addressing cybersecurity preparedness and adding a new market surveillance system to identify suspicious market activity.The new 10th strategy addressing blockchain and digital assets indicates the IIROC will prepare to regulate blockchain applications and digital assets. It will also conduct an industry consultation on the evolution of advice in the sector and identify opportunities for improvement.2019 will also see the IIROC develop a new three-year plan which could well see blockchain technology and digital assets feature even more heavily in its strategies."IIROC is taking a forward-looking approach to accommodating new innovations and business models, while continuing to protect investors no matter how they get investment advice and services," said IIROC President and CEO Andrew J. Kriegler. "Our priorities focus on providing more efficient, relevant and proportionate regulation as we adapt to the changing needs of investors and the industry."Image credit: IIROC logo
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