New Brunswick is proposing legislative changes that will beef up the authority of industry self-regulatory organizations and enable financial benchmark regulation.<\/p>\n
The provincial government is proposing a series of changes to its securities legislation that aim to enhance investor protection and bolster confidence in the capital markets.<\/p>\n
The bill, which has passed first reading, proposes changes regarding SROs that would enhance their investigative powers, enable SROs to compel evidence, enable them to enforce orders in court, and provide them with statutory immunity from malicious lawsuits.<\/p>\n
The Investment Industry Regulatory Organization of\u00a0Canada\u00a0(IIROC) applauded the proposed changes.<\/p>\n
“This serves as notice to potential wrongdoers: if you break IIROC’s rules and harm investors in\u00a0New Brunswick, there will be serious consequences,”\u00a0said Andrew Kriegler,\u00a0president and CEO of IIROC, in a release.<\/p>\n
IIROC says that the reforms will make\u00a0New Brunswick\u00a0the fifth province to provide it with the full set of enforcement powers that it’s seeking throughout the country (along with\u00a0Prince Edward Island,\u00a0Nova Scotia,\u00a0Quebec\u00a0and\u00a0Alberta).<\/p>\n
Along with the measures involving SROs, the proposed bill also aims to create a regime to regulate financial benchmarks and to ensure consistent application of limitation periods, among other things.<\/p>\n
\u201cThese legislative changes help to augment the commission\u2019s mandate of investor protection and enhancing public confidence in the capital markets,\u201d said Ernie Steeves, New Brunswick’s minister of finance, in a release.<\/p>\n
\u201cThe changes will also ensure that New Brunswick has modern, up-to-date legislation, which is harmonized with other jurisdictions across Canada,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
The province will be the fifth to give IIROC a full enforcement toolkit<\/p>\n","protected":false},"author":147314,"featured_media":342215,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2324,2312],"tags":[3609],"yst_prominent_words":[6755,51467,41694,41690,21936,21266,21029,20790,19141,17343,11463,8039,6,6676,6632,6616,6145,5340,5183,12],"acf":[],"_links":{"self":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/391219"}],"collection":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/users\/147314"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/comments?post=391219"}],"version-history":[{"count":4,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/391219\/revisions"}],"predecessor-version":[{"id":391227,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/posts\/391219\/revisions\/391227"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media\/342215"}],"wp:attachment":[{"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/media?parent=391219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/categories?post=391219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/tags?post=391219"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/www.investmentexecutive.com\/wp-json\/wp\/v2\/yst_prominent_words?post=391219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}