CANADA: IIROC Extends its Enforcement Procedures in Canadian States

Tuesday May 8 2018

On 4^th May 2018, the  Investment Industry Regulatory Organization of Canada (IIROC) announced its satisfaction with the new  Regulatory Enforcement measures.

Since January 2017, IIROC has gained additional legal authority for its enforcement actions:

• April 2018: British Columbia passed amendments to give IIROC the ability to collect disciplinary fines through the courts;
• March 2018: Manitoba introduced legislation to give IIROC the ability to collect disciplinary fines through the courts, protection from malicious lawsuits and the ability to launch appeals to the Manitoba Securities Commission;
• October 2017: Quebec’s Assemblée Nationale is reviewing legislation, which includes providing IIROC with protection from malicious lawsuits and with the authority to better collect evidence during investigations and present evidence in hearings. IIROC currently has the ability to collect fines through the courts in Quebec;
• June 2017: Alberta provided IIROC with protection against lawsuits for acting in good faith and with the authority to collect evidence during the investigations stage resulting in IIROC having a full enforcement toolkit in this province;
• May 2017: Ontario gave IIROC the ability to collect disciplinary fines directly through the courts

For additional information please click the link above.