The Quebec government has passed legislation gives the Investment Industry Regulatory Organization of Canada (IIROC) more robust investigative powers and confirms its statutory immunity from lawsuits, the self-regulatory organization announced on Thursday.
The passage of Bill 141: An act mainly to improve the regulation of the financial sector, the protection of deposits of money and the operation of financial institutions, also boosts IIROC’s ability to carry out its mandate.
For example, the legislation provides IIROC with enhanced legal authority to collect evidence from third parties, enables improved co-operation at disciplinary hearings, and clarifies the SRO’s immunity from lawsuits for actions taken in fulfilling its regulatory mandate.
“We thank Finance minister Carlos Leitão, the government of Quebec, all members of the legislature and the Autorité des marchés financiers for helping IIROC to send a powerful message of deterrence to potential wrongdoers,” says Andrew Kriegler, president and CEO of IIROC, in a statement. “Quebec has been at the forefront and continues to be a leader in investor protection among Canadian provinces.”
“With these new amendments in place IIROC will become even more effective, ensuring that Quebec investors get the best protection possible,” adds Claudyne Bienvenu, vice president, Quebec and Atlantic Canada, at IIROC.
An earlier version of Bill 141 proposed the elimination of a couple of the other SROs that operate in Québec — the Chambre de la sécurité financière and the Chambre de l’assurance de dommages — but those provisions were scrapped in the final version of the legislation.