The Investment Industry Regulatory Organization of Canada (IIROC), which represents the interests of a significant portion of professionals in the financial services industry, also represents the interests of the investing public. In this context, how extensive a role does the Quebec legislature wish to entrust to the IIROC? How does the IIROC deal with conflicts of interest arising from its dual mandate? To what degree do the rules adopted by the IIROC serve the interests of investors? To address these questions, this paper explores the operations and goals of the IIROC, as well as the pros and cons of self-regulation, and analyzes the organization's contribution to the protection of the rights of the investing public.