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The primary role of the Investment Industry Regulatory Organization of Canada (IIROC) is to oversee investment dealers and trading activities. IIROC is responsible for ensuring that the investment industry operates fairly and transparently. It sets the rules and standards for the conduct of its members, which includes monitoring compliance with regulatory requirements and enforcing policies designed to protect investors.

By overseeing trading activities, IIROC plays a critical role in maintaining the integrity of the markets, ensuring that firms adhere to ethical practices, and safeguarding the interests of investors. This oversight includes monitoring trading practices, reviewing reports from firms, and conducting investigations when necessary.

This regulatory function is essential for fostering confidence among investors and upholding the standards of the Canadian capital markets. The other options, such as providing investment advice, issuing new securities, or creating investment products, do not lie within IIROC's mandate, as it functions as a regulatory body rather than a participant in trading or investment activities.