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Globe says IIAC demands explanation of IIROC's delay

2013-04-19 06:52 ET - In the News

The Globe and Mail reports in its Friday, April 19, edition the Investment Industry Regulatory Organization of Canada (IIROC) waited at least a month before disclosing it lost the private financial information of 52,000 investors on a single laptop. The Globe's Boyd Erman writes that now, the Investment Industry Association of Canada (IIAC), the industry group representing investment dealers, sent a letter to IIROC demanding to know why the brokerage community was not notified sooner about the loss of detailed information on clients of 32 firms. The loss happened some time before the end of February. Some affected firms were not told until early April. Letters informing individual clients went out last week. IIROC publicly disclosed the loss April 11, when it issued a news release that did not give details on the size and scope of the breach. The regulator later released figures on the number of clients and firms affected. "There's a lot of questions we have and not really very many answers," said IIAC head Ian Russell. IIROC spokesman Lucy Becker said Thursday that "we moved as quickly as possible under the circumstances" and the regulator will be discussing the industry association's concerns with IIAC.

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