CANADA: Alberta Government to Strengthen Investor Protection

If passed, the Securities Amendment Act, 2017, would put Alberta at the forefront of investor protection by providing the Investment Industry Regulatory Organisation of Canada and the Mutual Fund Dealers Association with the same enforcement powers as the Alberta Securities Commission.

This change would empower both organisations to compel attendance and the production of evidence during investigations and hearings, allowing them to better protect Albertans’ investments. Those enforcing Alberta’s securities laws would also be immune from civil liability, allowing them to enforce the law effectively without fear of liability.

The Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada (MFDA) have delegated regulatory authorities in Alberta. IIROC oversees all investment dealers and trading activity on debt and equity marketplaces. The MFDA regulates the operations, standards of practice and business conduct for the distribution side of the mutual fund industry.

Strengthening enforcement powers of regulatory organisations is part of Alberta’s ongoing commitment to work with other jurisdictions to reform Canada’s securities regulatory system. Similar changes are planned by other jurisdictions, including Quebec.

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