{"id":486626,"date":"2024-05-28T17:34:59","date_gmt":"2024-05-28T21:34:59","guid":{"rendered":"https:\/\/www.investmentexecutive.com\/?p=486626"},"modified":"2024-05-28T17:34:59","modified_gmt":"2024-05-28T21:34:59","slug":"fair-canada-applauds-saskatchewans-obsi-bill","status":"publish","type":"post","link":"https:\/\/www.investmentexecutive.com\/news\/from-the-regulators\/fair-canada-applauds-saskatchewans-obsi-bill\/","title":{"rendered":"FAIR Canada applauds Saskatchewan’s OBSI bill"},"content":{"rendered":"
Investor advocates are applauding Saskatchewan’s move to pass legislation that would give the Ombudsman for Banking Services and Investments (OBSI) binding authority to make compensation recommendations on behalf of harmed investors.<\/p>\n
Earlier this month, Saskatchewan’s Bill 150 received royal assent. The bill provides for industry dispute resolution services with binding authority, raises maximum penalties for securities violations to $1 million from $100,000, and expands the enforcement powers of the the Financial and Consumer Affairs Authority.<\/p>\n
\u201cThis landmark legislation represents a significant step forward in protecting the rights and interests of investors across Saskatchewan,\u201d said Jean-Paul Bureaud, executive director of FAIR Canada, in an open letter.<\/p>\n
\u201cBy introducing measures that grant … OBSI binding authority, the act ensures that investors have a more robust mechanism for dispute resolution, thereby enhancing the integrity and trust in the financial markets,\u201d he said.<\/p>\n
Earlier this year, the Canadian Securities Administrators (CSA) carried out a consultation<\/a> on the long-standing recommendation, from both investor advocates and OBSI’s independent reviewers, that OBSI be given binding authority. Saskatchewan is the first province to follow through with enabling legislation.<\/p>\n