Manitoba Legislative Building in Winnipeg, Manitoba, Canada

The Manitoba government has passed legislation that gives The Investment Industry Regulatory Organization of Canada (IIROC)  more effective tools to protect Manitoba investors, the self-regulatory organization announced on Tuesday.

Manitoba has joined Alberta, British Columbia, Ontario, Quebec and Prince Edward Island in adopting legislation that enables self-regulatory organizations to enforce fines ordered against individuals through the courts.

In addition, the amendments to the Securities Act and Commodity Futures Act provide IIROC:

  • statutory immunity, the protection against malicious lawsuits while acting in good faith to carry out its public interest mandate to protect investors; and
  • the right to appeal a decision made by an IIROC hearing panel to the Manitoba Securities Commission (MSC).

IIROC thanked the government for passing the legislation.

“This is a powerfully clear message the government is sending to rule breakers: if you abuse client trust, you will face repercussions,” says Andrew Kriegler, president and CEO of IIROC, in a statement.

“Strengthening IIROC’s authority to discipline misconduct in the investment industry is a key step taken by the Manitoba government,” adds Elizabeth Mulholland, CEO of Prosper Canada, in a statement. “This will help shield vulnerable Canadians and will also give regulators the tools they need to take strong enforcement action when rules are broken.”