IIROC applauds government of Newfoundland and Labrador for enforcement powers

Type: Media Release> General


Sean Hamilton
Director, Public Affairs and Member Education Services

The Investment Industry Regulatory Organization of Canada (IIROC) welcomes the Government of Newfoundland and Labrador's passage of Bill 16, An Act to Amend the Securities Act, that strengthens investor protection, and safeguards seniors and vulnerable retail investors.

With the passage of these legislative amendments, Newfoundland and Labrador has ensured that every province and territory in the country has taken substantial steps to protect Canadian investors and foster healthy Canadian capital markets.

“IIROC now has the ability to enforce fine collection through the courts in every province and territory across the country,” said Andrew J. Kriegler, IIROC’s President and CEO. “We are grateful to Minister Sarah Stoodley and the Government of Newfoundland and Labrador for taking this significant step to protect the province’s investors.”

Newfoundland and Labrador is now the sixth province to give IIROC the full enforcement toolkit, joining New Brunswick, Prince Edward Island, Nova Scotia, Quebec and Alberta. This toolkit is comprised of:

  • the ability to enforce fine collection through Newfoundland and Labrador courts against individuals fined by IIROC disciplinary panels;
  • 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.

“These amendments give investors in Newfoundland and Labrador among the strongest protections from coast-to-coast,” said Kriegler. “It is clear to potential wrongdoers in Newfoundland and Labrador that if you break our rules and harm investors, there will be meaningful and serious consequences.”

In Newfoundland and Labrador, IIROC oversees more than 100 investment advisors working at 39 offices. IIROC exercises its oversight of Canada’s investment industry, carrying out regulatory responsibilities given to it under Recognition Orders from the Superintendent of Securities of Newfoundland and Labrador, and other provincial and territorial securities authorities across the country.

“About IIROC”

IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of 174 Canadian investment dealer firms of varying sizes and business models, and their more than 31,000 registered employees. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. For more information, visit www.iiroc.ca