The Investment Industry Regulatory Organization of Canada (IIROC) has secured a court order in Prince Edward Island to enforce a regulatory settlement.
Earlier this year, the self-regulatory organization (SRO) reached a settlement agreement with John Phillip Watts, which included a $115,000 fine and $20,000 in costs, after an IIROC hearing panel found that he made unsuitable recommendations to clients and engaged in unauthorized trading.
IIROC announced on Tuesday that the PEI’s Office of the Superintendent of Securities has authorized the SRO to enforce the payment of those sanctions by filing the decision with the Supreme Court of P.E.I.
Recently, IIROC has been pushing for more power to enforce the collection of monetary penalties, which are often hard to collect if the sanctioned individual simply leaves the industry. IIROC currently only has the power to pursue court ordered enforcement in Alberta and Quebec.
“IIROC continues to focus its efforts to collect fines, send a strong message of deterrence to potential wrongdoers and support investor confidence in the regulatory system,” the SRO says in a statement.
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