Joe Oliver, president and CEO of the Investment Dealers Association of Canada, called for increased powers of enforcement in a speech made at today’s Current Issues in SRO Compliance conference being held in Toronto. Oliver urged provincial governments “get their collective acts together” in order to create a better enforcement procedure.

He’s recommending that two amendments be made to the insider trading amendment to the criminal code, which died on the order paper last November. “There are two issues that blunted the potential effect of the bill,” said Oliver.

He wants to see permission granted to intercept private communication for insider trading investigations. “It is difficult to gain evidence of intent of insider trading without wiretap evidence.”

He is also calling on the federal Minister of Justice to reconsider how Corrections Canada deals with persons convicted of insider trading and other market-related frauds. “The current parole system dilutes the opposed increased maximum periods incarceration,” said Oliver. “As a result, the criminally-minded can arbitrage the parole systems in both Canada and the U.S.”

Noting the direct connection between enforcement, market integrity, investor protection and public confidence, Oliver has written the Justice minister urging the inclusion of these issues and encouraging a quick passage of the bill.