How new Quebec legislation boosts IIROC enforcement

The Government of Quebec has passed legislation that gives IIROC more tools to protect the province’s investors, the SRO said in a release.

Bill 141, which was passed this week by the provincial government, ensures IIROC “has full protection against malicious lawsuits in the exercise of its oversight and regulatory role,” a Thursday release says.

Further, the bill “gives IIROC improved legal authority to collect evidence from third parties during its investigations” and “improve cooperation at disciplinary hearings.” This will strengthen prosecution.

Read: Why IIROC collected $700K more in fines last year

IIROC was already able to work through Quebec’s courts to collect fines, a power that was granted in 2013.

“Quebec has been at the forefront and continues to be a leader in investor protection among Canadian provinces,” says IIROC’s president and CEO, Andrew J. Kriegler, in the release.

Last year, IIROC conducted 21 investigations and completed seven prosecutions in Quebec, the release says.

In addition to Quebec, IIROC says it has made progress with investor protections in Manitoba, B.C., Alberta, Ontario and P.E.I—all of which allow the SRO to pursue fines through the courts.

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