B.C. passes legislation to allow IIROC to collect fines through courtBy The IJ Staff | April 30 2018 01:30PM
The Investment Industry Regulatory Organization of Canada (IIROC), Prosper Canada and CARP are praising the British Columbia government for introducing and passing legislative measures which will enable IIROC to collect fines through the B.C. Supreme Court.
The amendments to the B.C. Securities Act (Bill 16), which last week received support from all parties of the Legislature, sends a clear message to potential wrongdoers that those who break their clients’ trust will be held accountable and must pay the penalty, stated the organizations in a joint announcement.
There are currently $4.7 million in unpaid IIROC fines against individuals in B.C. dating back to 2008. Older investors form IIROC’s largest source of complaints and represent the highest proportion of victims of misconduct, says IIROC. Almost 40 per cent of all cases reviewed and approximately 30 per cent of prosecutions involve seniors.
Sends a message to wrongdoers
The B.C. amendments will extend IIROC’s authority to enforce fine collection to six provinces across Canada, including B.C., Alberta, Ontario, Quebec and Prince Edward Island. Manitoba introduced similar legislation in March 2018.
“This legislation will make a positive and crucial contribution to investor protection in British Columbia. It gives IIROC an important regulatory tool we need to deter wrongdoing in the investment industry. To protect investors and the integrity of our capital markets, IIROC must demonstrate that its rules are strictly enforced and there are indeed real consequences for misconduct,” says IIROC President and CEO, Andrew J. Kriegler.