Nova Scotia strengthens IIROC’s enforcement powers

By The IJ Staff | October 12 2018 01:30PM

Photo: Freepik

The Investment Industry Regulatory Organization of Canada (IIROC) has praised the Government of Nova Scotia for giving it the legal authority to more effectively enforce its rules and discipline those who break them.

“With the passage of Bill 67, Nova Scotia is the third province to give IIROC the full enforcement toolkit, joining Alberta and Quebec,” stated IIROC. Specifically, these legislative amendments provide IIROC with: the ability to enforce fine collection against individuals that engage in misconduct; authority to collect and present evidence during investigations and at disciplinary hearings; and protection from malicious lawsuits while acting in good faith to carry out its public interest mandate to protect investors.

“We thank Finance Minister Karen Casey, the Government of Nova Scotia and the Nova Scotia Securities Commission for taking a leadership role in giving IIROC the full enforcement toolkit we need to protect investors,” says IIROC’s President and CEO, Andrew J. Kriegler. “Together, we are giving potential wrongdoers notice that if they break the rules, there will be consequences.”

Protecting the vulnerable

“Strengthening IIROC’s authority strengthens investor protection for all Nova Scotians, but most of all for vulnerable individuals who are often the targets of financial wrongdoing and suffer the most in the absence of robust enforcement,” says Prosper Canada CEO, Elizabeth Mulholland. “We’re grateful to the Government of Nova Scotia for taking this important step to better protect everyone from financial harm.”

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