Nova Scotia gives IIROC greater enforcement power

Nova Scotia has become the seventh province to give IIROC the power to collect fines through the courts.

The province proclaimed Bill 67 on Friday, which will give IIROC the legal authority to “more effectively and consistently enforce its rules and discipline those who break them,” the regulator said in a release.

The amendments to the Nova Scotia Securities Act will give IIROC the legal power to collect disciplinary fines directly through the courts, as well as protection from malicious lawsuits and the power to collect and present evidence during investigations and at disciplinary hearings.

Alberta and Quebec have previously given IIROC the same enforcement tools. IIROC now has the power to collect fines through the courts in Alberta, British Columbia, Manitoba, Nova Scotia, Ontario, Quebec and Prince Edward Island.

“IIROC continues [to have] discussions with other jurisdictions to achieve a stronger, more consistent level of investor protection from coast to coast,” the release said.

Read IIROC’s factsheet about its enforcement authority across Canada.

Staff

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