Hockin says national regulator would protect Alberta's needs
A Canadian securities regulator wouldn't be "Toronto-centric" and draft federal legislation to put such a body in place is modelled on Alberta's law, says the head of a panel that has recommended that all 13 ...
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#1 Feb 2, 2009
Canadians have been losing their savings due to investment fraud and wrongdoing at an alarming rate, estimated by some at $20 billion per year. It has been difficult for savers and investors with an issue to know where to go or what to do. It seemed that civil litigation was the only option and those who suffer life-altering financial loss do not have the financial, physical and mental, and time resources to deal with such an issue.
The Expert Panel for Securities Regulation issued their Final report January 13, 2009, which included the following recommendation:
"We recommend the following to improve investor complaint-handling and redress mechanisms:
a securities regulator with the power to order compensation in the case of a violation of securities law so that the investor would not be required to resort to the courts;
establishment of an investor compensation fund funded by industry to allow the securities regulator to directly compensate investors for a violation of securities law; and
mandatory participation of registrants in the dispute resolution"
The regulators today may fine the perpetrators but theses fines go to the regulators and the regulators generally fail to make the perpetrators pay restitution. A few provinces can order restitution but most victims must go to court to seek justice even when the regulators have determined there is fraud.
The Government has made provision in the 2009 Budget to implement the Expert Panels recommendations. Its time that all Canadians receive equal investor protection and that Government makes provision to ensure the restitution of victims of investment fraud and wrongdoing from an Investor protection Fund that is funded by the investment industry.
Canadians want all Members of Parliament to support the transition to a national regulator as recommended by the Expert Panel, but it should follow the Quebec model where one Authority regulates banks, insurance companies, fund companies and dealers so that small investors will have one point of contact and can expect to receive just and timely handling of their complaint and prompt restitution.
#2 Feb 3, 2009
Good enough for Iraq, but not bridges?
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