Canada’s regulator of investment dealers says more consistent enforcement powers have made it better at collecting the millions of dollars in fines it imposes each year, but that ensuring the money is paid back remains a slow and imperfect process.
Uncollected fines against individuals have been a sore spot for IIROC and another self-regulatory organization, the Mutual Fund Dealers Association . In response, the regulators haveto grant them greater, more consistent legal powers to collect fines through courts, and to investigate crimes against investors. The expansion of those powers in Ontario in 2017 and British Columbia in 2018 marked a turning point.
“People would just leave the industry and we really had no real, tangible way to collect that money,” Charles Corlett, IIROC’s vice-president of enforcement, said in an interview. “Now we can take steps through the courts to collect those fines the same way you would after you are successful in a civil trial.”
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