New Brunswick Introduces Legislation to Strengthen Investor Protection

Investment Industry Regulatory Organization of Canada (IIROC) - Brunswick November 22, 2019 (Toronto, Ontario) – The Investment Industry Regulatory Organization of Canada (IIROC) today applauded the Government of New Brunswick for introducing legislation to strengthen investor protection, and safeguard seniors and vulnerable retail investors.

Once Bill 9 is passed, New Brunswick will become the fifth province to give IIROC the full enforcement toolkit, joining Prince Edward Island, Nova Scotia, Quebec and Alberta. Four other provinces and the three territories have also passed legislation to strengthen IIROC’s effectiveness as a pan-Canadian regulator – legislation that greatly contributes to investor confidence in the oversight of the country’s capital markets.

Andrew J. Kriegler, IIROC President and CEO
Andrew J. Kriegler, IIROC President and CEO

“We thank Finance Minister Ernie Steeves, the Government of New Brunswick and the Financial and Consumer Services Commission of New Brunswick for their leadership role in giving IIROC the full enforcement toolkit needed to protect investors,” says IIROC’s President and CEO, Andrew J. Kriegler. “This serves as notice to potential wrongdoers: if you break IIROC’s rules and harm investors in New Brunswick, there will be serious consequences.”

In New Brunswick, IIROC oversees more than 300 investment advisors working at 85 offices of investment firms across the province. The New Brunswick Securities Act amendments provide IIROC with the legal authority to more effectively and consistently enforce its rules and discipline those who break them, sending a powerful message of deterrence to potential wrongdoers. Specifically, these legislative amendments provide IIROC with:

  • the ability to enforce fine collection through New Brunswick courts against individuals fined by IIROC disciplinary panels;
  • authority to collect and present evidence during investigations and at disciplinary hearings; and
  • protection from malicious lawsuits while acting in good faith to carry out its public interest mandate to protect investors.

IIROC exercises its oversight of Canada’s investment industry, carrying out regulatory responsibilities given to it under Recognition Orders from the Financial and Consumer Services Commission of New Brunswick, and other provincial and territorial securities authorities across the country.

IIROC continues discussions with other jurisdictions to achieve a stronger, more consistent level of investor protection from coast to coast. Visit our fact sheet for complete details.

About IIROC:

IIROC is the pan-Canadian self-regulatory organization that oversees all investment dealers and their trading activity in Canada’s debt and equity markets. IIROC sets high quality regulatory and investment industry standards, protects investors and strengthens market integrity while supporting healthy Canadian capital markets. IIROC carries out its regulatory responsibilities through setting and enforcing rules regarding the proficiency, business and financial conduct of more than 170 Canadian investment dealer firms and their more than 29,000 registered employees, the majority of whom are commonly referred to as investment advisors. IIROC also sets and enforces market integrity rules regarding trading activity on Canadian debt and equity marketplaces. IIROC does not rely on any government funding to fulfill its mandate to protect investors and support healthy capital markets but does require legislative support to ensure it has the enforcement tools needed to do that job effectively