GIVING MEANING TO INVESTOR CHOICE: LET’S GIVE IIROC’S ARBITRATION PROGRAM A CHANCE …
On December 6, 2022, IIROC released a review of its arbitration program with several sound recommendations for enhancements to accessibility, cost, and procedures. The IIAC believes the program has the potential of offering a much-needed alternative dispute resolution forum for investor claims in Canada. Amongst the recommendations are a tiered approach, with adjustment for cost and procedures for claims under $50,000, $50,000-$250,000 and above $250,000.
To ensure investor choice, independence and quality of result, regulators should make certain that dispute resolution is not subject to monopoly by, or preferential treatment for, any exclusive service provider or process, including the OBSI, and that all service providers are reviewed, assessed, and described objectively.
IIROC’s Working Group Recommendations are found here.
Comments are due March 6, 2023.