Investor protection strengthened by New Brunswick's Securities Act amendments

Province joins four others in giving IIROC full enforcement toolkit

FREDERICTON, Dec. 20, 2019 /CNW/ - The Investment Industry Regulatory Organization of Canada (IIROC) welcomes the Government of New Brunswick's passage of legislation that strengthens investor protection, and safeguards seniors and vulnerable retail investors.

With Bill 9 receiving Royal Assent today, New Brunswick becomes the fifth province to give IIROC the full enforcement toolkit, joining Prince Edward Island, Nova Scotia, Quebec and Alberta. This toolkit is comprised of:

• the ability to enforce fine collection through New Brunswick 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.

"IIROC is grateful to Finance Minister Ernie Steeves, the Government of New Brunswick and the Financial and Consumer Services Commission of New Brunswick for taking a major step to position themselves as leaders among those committed to protecting their province's investors," says IIROC's President and CEO, Andrew J. Kriegler. "By giving us the full enforcement toolkit, IIROC will be heard even louder and clearer by potential wrongdoers when we say, 'if you break our rules and harm investors here in New Brunswick, the consequences will be meaningful and serious.'"

Altogether, nine provinces and the three territories have passed legislation and/or taken regulatory steps to enhance IIROC's ability to protect investors, as outlined in our fact sheet. IIROC will continue to pursue its discussions in order to achieve a consistent, high level of investor protection from coast to coast.

In New Brunswick, IIROC oversees more than 300 investment advisors working at 85 offices. IIROC exercises its oversight of Canada's investment industry, carrying out regulatory responsibilities given to it under Recognition Orders from the Financial and Consumer Services Commission of New Brunswick 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 more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. IIROC does not rely on any government funding to fulfill its mandate to protect investors and support healthy capital markets but does require legislative support to ensure it has the enforcement tools needed to do that job effectively.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) - General News

Andrea Zviedris, Manager, Media & Public Affairs, 416-943-6906, [email protected]

Related Links

www.iiroc.ca