BCSC releases IDA audit

2003/82
December 16, 2003

Vancouver – The B.C. Securities Commission says it is expecting more enforcement results from the Investment Dealers Association of Canada’s Pacific district operations now that the self-regulatory organization has cleared away much of what hampered its enforcement activities.

“They have certainly put in place better processes and procedures to identify and target enforcement priorities since we reviewed their operations in 2000,” said Lang Evans, BCSC director of Capital Markets Regulation. “They addressed staffing levels but the final critical test now is getting enforcement results. We think they can do better in that area.”

The findings were released in an audit conducted by the BCSC’s Capital Markets Regulation division, covering a period from September 2000 to December 2002. It was conducted as a follow-up to recommendations made in a BCSC audit of the IDA Pacific District’s operations completed in 2000.

Evans said that the IDA’s Pacific regional office has implemented many of the recommendations in the BCSC’s 2000 report and it has improved its effectiveness in meeting its regulatory responsibilities.

For a copy of the 2002 report, please visit the BCSC website (www.bcsc.bc.ca).

The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities and exchange contracts within the province.

IDA Audit Report PDF
IDA's ResponsePDF
BCSC Letter to IDA PDF


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