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Amendments proposed to Securities Act to enhance investor protection

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Amendments to the Securities Act introduced today, at the request of the Financial and Consumer Services Commission, are designed to help increase investor protection, enhance confidence and stability in New Brunswick capital markets and harmonize rules with other Canadian Securities regulators.

The proposed amendments incorporate four changes:

  • the implementation of a comprehensive regime to regulate domestically significant financial benchmarks, concurrent with other securities regulators, which will reduce risk in the capital markets.
  • increased authority available to the self-regulatory organizations that govern the securities industry, which enhance investigatory and enforcement provisions.
  • the addition of language prohibiting aiding, abetting and counselling any other person to contravene securities laws.
  • the repeal of section 190 of the act to ensure consistent application of limitation periods under the act and maintain harmonization with other Canadian Securities regulators.

“These legislative changes would help to augment the commission’s mandate of investor protection and would enhance public confidence in the capital markets,” said Finance and Treasury Board Minister Ernie Steeves. “The changes would also ensure that New Brunswick has up-to-date legislation which is harmonized with other jurisdictions across Canada.”

“We thank Finance and Treasury Board Minister Ernie Steeves, the Government of New Brunswick and the Financial and Consumer Services Commission of New Brunswick for their leadership role in giving the Investment Industry Regulatory Organization of Canada the full enforcement toolkit needed to protect investors,” said Andrew J. Kriegler, president and CEO of the organization. “This serves as notice to potential wrongdoers: if you break the organization's rules and harm investors in New Brunswick, there will be serious consequences.”

The commission is responsible for the administration and enforcement of provincial legislation regulating mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.

FCNB has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation regulating mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca.