Canadian SRO IIROC gets Mandated to Collect Fines Directly through Court in PEI Province


The Investment Industry Regulatory Organization of Canada (IIROC) said it has been granted new legal powers to collect fines from wrongdoers it has disciplined through the Supreme Court of Prince Edward Island (PEI). In addition, the IIROC has been granted the authority to require the cooperation of witnesses at disciplinary hearings held in the province. As a result, the IIROC now has the ability to collect administrative fines directly through court in three Canadian provinces – Prince Edward Island, Alberta and Quebec.