The Investment Industry Regulatory Organization of Canada (IIROC) is praising the Government of Quebec for passing legislation that gives the regulator better tools to protect the province’s investors.

Within Bill 141, which was adopted June 13, the provincial government has clarified that IIROC has full protection against malicious lawsuits in the exercise of its oversight and regulatory role. The Bill also gives IIROC improved legal authority to collect evidence from third parties during its investigations and improve cooperation at disciplinary hearings to strengthen the prosecution of wrongdoers. This is in addition to IIROC’s ability to enforce through Quebec’s courts the fines it levies against individuals who engage in misconduct, which was given to IIROC in 2013.

At the forefront

“We thank Finance Minister Carlos Leitão, the Government of Quebec, all Members of the Legislature and the Autorité des marchés financiers for helping IIROC to send a powerful message of deterrence to potential wrongdoers,” says IIROC’s President and CEO, Andrew J. Kriegler. “Quebec has been at the forefront and continues to be a leader in investor protection among Canadian provinces.”

So far, only Quebec and Alberta have provided IIROC with all the tools it has been seeking to strengthen its enforcement powers. The regulator says it is continuing discussions with other jurisdictions “to achieve a better and more consistent level of investor protection from coast to coast, giving wrongdoers notice that if they break the rules, there will be consequences regardless of where they live.”