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Alberta gives IIROC more authority to punish wrongdoers

By The IJ Staff | May 10 2017 11:30AM

IIROC President and CEO Andrew J. Kriegler (left) with Alberta Minister of Finance, Joe Ceci, and CARP’s VP of Advocacy, Wanda Morris

The Investment Industry Regulatory Organization of Canada (IIROC), Prosper Canada and CARP are praising the Government of Alberta for introducing legislation that gives the IIROC more authority over the investigation and prosecution of wrongdoers in the industry.

The legislative amendments to the Securities Act (Alberta) were introduced by Joe Ceci, Finance Minister and President of the Treasury Board. IIROC will have more ability to collect evidence during investigations and prosecute those engaging in misconduct. In addition, IIROC’s employees, officers, directors and disciplinary hearing adjudicators will now have protection against lawsuits when carrying out their work.

Investor protection

“Our government is working to make life better for Albertans with practical changes that help keep their investments safe. It’s vitally important that our regulatory partners have the tools they need to enforce our province’s security laws so Albertans can be confident when they entrust their money with investment dealers, advisors and their representatives,” said Ceci.

In a joint statement issued on May 8, IIROC president and CEO Andrew J. Kriegler praised the legislative amendments. “We thank the Minister of Finance, the Government of Alberta and the Alberta Securities Commission for being at the forefront of investor protection in Canada,” he said. “With these legislative changes, Alberta becomes the first province in Canada to provide IIROC with all the tools necessary to carry out our responsibilities as a public interest regulator determined to bring wrongdoers to justice.”

At the forefront

Alberta is the first province in the country to provide IIROC with investigative authority and legal immunity, and was the first to grant it the legal ability to enforce, through the courts, its fines against individuals and firms that engage in misconduct.

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