IIROC’s New Policy Regarding Personal Information in Disciplinary Proceedings Takes Effect on May 1, 2015

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The policy provides guidance relative to the use and disclosure of personal information in proceedings brought pursuant to Rule 20 of the IIROC Dealer Member Rules and Part 10 of the Universal Market Integrity Rules (UMIR). This policy will replace IIROC’s “Policy on Requests for Access to Disciplinary Hearing and Settlement Hearing Records”.

New Requirements

The new policy requires the redaction of specific personal information that is enumerated in the policy from documents filed with the National Hearing Coordinator or with an IIROC Hearing Panel. The policy also provides limits the access to the hearing record to the redacted record.

The policy provides that personal information includes recorded information about an individual, and includes, but is not limited to, the list below. Note that :

  • Full names;
  • Social insurance numbers, driver’s licence numbers, passport numbers, licence plate numbers and health card/OHIP numbers;
  •  The date of birth (but not the year of birth);
  •  The municipal address, including street name, number and postal code (but not city or province);
  • Telephone numbers;
  • Email addresses;
  • The names of spouses and children.

Note that redaction of the names of the parties is not required.

The Hearing Record

The hearing record comprises all the information and documents collected, received, stored, maintained or archived by IIROC in relation to its proceedings, including:

  • The Application or Notice of Hearing by which a proceeding was commenced;
  •  Settlement agreements which have been accepted by a Hearing Panel;
  •  Any interlocutory orders made by the Hearing Panel;
  • All documentary evidence filed;
  •  The transcript, if any, of the oral evidence given at the hearing; and
  •  The Reasons for Decision of the Hearing Panel

However, the hearing record does not include hearing notes, personal notes, legal opinions, memoranda, drafts of reasons and similar documents and information prepared and used by members of the Hearing Panel or the National Hearing Coordinator, nor does it include records maintained by IIROC that are not connected with proceedings under Rule 20 or Part 10 as referenced above.

 Availability to the Public of Hearing Record

IIROC Dealer Member Rule 20.50 and UMIR Part 10.8 provide that hearings are open to the public, with limited exceptions.  Therefore, the hearing record is made available to members of the public, upon request. However, public access will be limited to the redacted version of the record, with all the personal information expunged from it.

The policy and IIROC’s press release are at the links.

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