Strengthening the governance of CDOR In 2012–13, as an initial step toward strengthening the governance of CDOR, the Investment Industry Regulatory Organization of Canada (IIROC) reviewed existing practices. The focus of this review was on the panel members’ supervisory practices: specifically, how CDOR submissions are calculated, who participates, who supervises, and who has regulatory jurisdiction.
It was not intended to be an investigation into potential wrongdoing or manipulation of CDOR. The IIROC review noted some inconsistencies in procedures among different institutions, and a failure in some cases to document those procedures. IIROC also identified a need to strengthen independent compliance oversight of rate setting to complement business supervision procedures and conflict-of-interest protocols within institutions.