Notice Re: Compliance Review 2009

January 29, 2010


Re: Compliance Review 2009

Since January 1, 2008 the MSA has been actively involved in the enforcement of ISO rules.  The attached review provides a summary of our activities during 2009, complementing the updates provided in our quarterly reports.  Some market participants have raised questions around the time taken for matters to reach resolution. With this in mind we provide a variety of statistics and commentary.  The MSA appreciates that early identification of a problem allows market participants to take corrective action as soon a possible.  The review includes a number of suggested efficiency enhancements that we are contemplating in 2010, the most significant of which would lead to greater forbearance around self reports.

The MSA hopes that the information provided in the report will be helpful to market participants.  In a number of areas we have asked for specific feedback.  The MSA is not intending to conduct a formal stakeholder consultation at this time but feedback can be given informally to Matt Ayres (email:, phone: 403-705-3182) or through our compliance mailbox (

The MSA will provide an update on how it intends to proceed on internal process changes in early March.  Given the informal nature of the consultation the MSA is not intending to make comments public, although we may refer to the general nature of comments received in subsequent communications.

We appreciate your participation in these matters.

Yours truly,

“Original signed”

Matt Ayres
Chief Economist
Market Surveillance Administrator