The Saskatchewan government has introduced securities legislation that would allow self-regulatory organizations to file their enforcement decisions in the province’s courts and collect penalties.
The Securities Amendment Act, 2018 also allows for automatic recognition of enforcement orders made by other Canadian securities regulators. So, for example, trading for a company cease-traded in another province would automatically be halted in Saskatchewan, a government release said.
The bill also allows for the regulation of benchmarks so Canadian securities and derivatives can trade in European markets, the release says.
The legislation will reform the complaint-resolution process for the public, too.
The enhancement of SRO powers will help protect investors, IIROC president and CEO Andrew J. Kriegler said in a statement.
“By introducing these amendments that would enable us to collect fines from those who harm investors, Saskatchewan is sending a strong message of deterrence, putting potential wrongdoers on notice: if you break the IIROC rules, there will be serious consequences,” he said.
The SRO now has the authority, through legislation, to collect fines through the court system in almost all of Canada. New Brunswick and Newfoundland and Labrador are the exceptions. Read IIROC’s Nov. 2 fact sheet for more.