The Investment Industry Regulatory Organization of Canada (IIROC) praised the Government of Prince Edward Island (PEI) for the passage of legislation that gives the regulator more effective legal authority.

With the passage of Bill 47 in PEI, IIROC was granted: improved ability to collect evidence during the regulator’s investigations and protection against malicious lawsuits while acting in good faith to carry out its public interest mandate to protect investors.

IIROC notes that prior to these amendments of PEI’s Securities Act, the PEI Superintendent of Securities in 2017 was among the first provinces in Canada, following Alberta and Quebec, to grant IIROC with better enforcement authority. At that time, PEI gave IIROC the ability to present evidence during its disciplinary hearings and to collect fines against disciplined individuals through the Supreme Court of PEI.

Complete legal toolkit of enforcement measures

With the passage of this new legislation, PEI joins Nova Scotia, Quebec and Alberta in giving IIROC the complete legal toolkit of enforcement measures to protect investors in PEI.

“With the measures passed by PEI and other jurisdictions, IIROC is in a much better position to protect most Canadian investors regardless of where they live, especially seniors and vulnerable retail investors,” said IIROC’s President and CEO, Andrew J. Kriegler in a statement Dec. 7.

Seniors were involved in almost 40 per cent of all enforcement cases reviewed by IIROC and 30 per cent of its prosecutions in 2017.