Can you explain how the investment industry is regulated?

In canada, regulation of the securities industry is carried out by provincial securities commissions and self-regulatory organizations, including the investment industry regulatory organization of canada (iiroc). each province has government bodies securities commissions or administrators that oversee a provincial securities act. this act is a set of laws and regulations that outlines what participants in the market can do. the securities commissions delegate certain aspects of securities regulation to the investment industry regulatory organization (iiroc), the bourse de montréal, the toronto stock exchange, tsx venture exchange, the ice futures canada, and the mutual fund dealers association (mfda).