Newfoundland is sixth province to give IIROC full enforcement toolkit

Newfoundland and Labrador has passed legislative amendments to its securities act that boost investor protection as well as enforcement. As a result, the province joins the rest of the country in providing greater power to the Investment Industry Regulatory Organization of Canada (IIROC).

“IIROC now has the ability to enforce fine collection through the courts in every province and territory across the country,” said Andrew Kriegler, IIROC’s president and CEO, in a release.

The regulator noted that Newfoundland is also the sixth province to give it the full enforcement toolkit, joining New Brunswick, Prince Edward Island, Nova Scotia, Quebec and Alberta.

The toolkit comprises enforcement power to collect fines against individuals fined by IIROC, authority to collect and present evidence during investigations and disciplinary hearings, and protection from malicious lawsuits as the regulator carries out its public interest mandate.

“These amendments give investors in Newfoundland and Labrador among the strongest protections from coast to coast,” Kriegler said. “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.

IIROC oversees more than 100 investment advisors working at 39 offices in the province.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.