IIROC gains ability to enforc e fi nes in Saskatchewan

The Saskatchewan government has passed

legislation that gives the Investment Industry Regulatory Organization of Canada the ability enforce its fines through the courts. The legislation also clarifies IIROC’S right to appeal a decision by a disciplinary hearing panel to the Financial and Consumer Affairs Authority of Saskatchewan. The change means IIROC can enforce its fines through the courts in eight provinces and all three territories. The industry regulator still lacks the authority in New Brunswick and Newfoundland and Labrador. IIROC is a national self-regulatory organization that oversees investment dealers and their trading activity. It completed 127 investigations, 52 prosecutions and imposed $4.1 million in sanctions last year.