The Investment Dealers Association of Canada welcomed today an announcement by Finance Minister Janet Ecker of proposed legislation to enhance investor protection and confidence in capital markets.

“We welcome the Minister’s commitment to a Made-in-Canada solution that responds to investors’ concerns, reflects the realities of the Canadian capital markets and is sensitive to the needs of smaller and medium sized businesses”, said IDA president and CEO Joe Oliver in a news release.

The IDA supports the recommendations of the 5 Year Review Committee to strengthen the enforcement powers of regulators. Some of the extensions would include providing the Ontario Securities Commission with the power to levy administrative, as well as increasing maximum fines and prison terms.

The IDA is, however, also looking for more robust enforcement tools. “We are also seeking additional enforcement powers that will allow us to obtain investigation orders and compel witnesses to testify and produce documents at disciplinary hearings,” said Oliver. “We need the authority to file decisions of our disciplinary hearings as decisions of the court. This will allow us to collect fines from individuals who have left the industry.”