Investment industry body says Manitoba is sending clear message
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The provincial government in Manitoba has given a clear warning that those who breach investment rules will be held to account.
Legislative amendments to the Securities Act (Manitoba) announced Monday would grant IIROC the legal ability to use the courts to enforce its fines against individuals that engage in misconduct, sending a strong deterrent message to potential wrongdoers.
IIROC; along with financial empowerment charity Prosper Canada, and retirees advocates from CARP; welcomed the news that the province was strengthening protection for investors.
"We thank the Minister of Finance and the Government of Manitoba for taking this important step to enhance investor protection – particularly for seniors who rely heavily on their retirement investments and represent the largest number of complaints we receive," said IIROC President and CEO, Andrew J. Kriegler.
Kriegler said that those who break the rules and abuse the trust of their clients should be on notice that they will face punishment.
"We greatly appreciate the support of the MSC, which shares our unwavering commitment to the protection of Manitobans," added Kriegler. "This collaboration with our regulatory, governmental and community partners means that investors in this province can have confidence knowing they are well protected and that our capital markets operate with integrity."
