The Ontario government’s tough, new investor protection measures announced in the 2003 budget are now in effect, Janet Ecker, Ontario Minister of Finance, said Monday.

The measures are intended help protect people from fraud.

“These measures are among the toughest penalties in Canada, and we will continue to work to protect consumers and strengthen the securities system. People must be protected from fraud,” said Ecker. “We are committed to ensuring that our securities laws are up to date and that they work for Ontario.”

Maximum court fines for general offences have risen to $5 million from $1 million and maximum prison terms have increased to five years less a day from two years.

As well, the Ontario Securities Commission has been granted new powers to hold CEOs and CFOs accountable for their company’s financial statements, to impose fines for securities violations, and to order offenders to give up their ill-gotten gains.

Ecker said the Ontario government intends to propose minor technical changes, following which it will implement amendments to the Securities Act providing broader rights for secondary market investors to sue.

“If the legislature passes those amendments, we would proclaim the remainder of the investor confidence measures shortly thereafter,” said Ecker.