IIROC granted legal authority to collect fines in Manitoba

By Staff | March 20, 2018 | Last updated on March 20, 2018
2 min read

Manitoba’s government has introduced legislation to give IIROC court authority to collect fines, as well as to provide the SRO with statutory immunity.

Read: IIROC shouldn’t have court authority to collect fines: lawyer

Minister of Finance Cameron Friesen today introduced the legislative amendments to Manitoba’s Securities Act that would grant IIROC legal ability to enforce through the courts its fines against individuals that engage in misconduct.

In addition, IIROC will now receive protection against “malicious lawsuits while acting in good faith to carry out its public interest mandate to protect investors,” says a release.

IIROC exercises its oversight of Canada’s investment industry and carries out regulatory responsibilities given to it under Recognition Orders from the Manitoba Securities Commission (MSC) and other provincial and territorial securities commissions across the country. With these amendments, IIROC will receive the same legal protection as the MSC.

Along with IIROC, Prosper Canada and CARP have advocated for increased legal authority for the SRO in Manitoba and other jurisdictions.

Read: MFDA’s fine collection rate in Alberta? Nearly double

So far, IIROC has court authority to collect fines in Alberta, Quebec, Ontario and P.E.I. Further, the SRO can collect evidence in Alberta and P.E.I, and has statutory immunity in Alberta, in addition to in Manitoba. More details on IIROC’s legal authority is provided in a fact sheet.

The SRO says it continues to seek similar legal authority in all other jurisdictions across Canada to ensure a consistent level of investor protection.

In 2017, IIROC completed 127 investigations and 44 prosecutions with more than $4.4 million in sanctions imposed across Canada.

Also read:

IIROC’s annual report reveals enhanced conduct exams

Advisor.ca staff


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