Released on November 14, 2023
Penalties for Violations of Securities Laws Will Increase to $1 Million
The Government of Saskatchewan is introducing legislative changes to protect Saskatchewan investors through The Securities (Saskatchewan Investors Protection) Amendment Act, 2023, which will enhance the province's already robust investment protection framework under the Financial Consumer Affairs Authority (FCAA).
"Proper regulation of capital markets protects investors and ensures the integrity of the financial industry," Justice Minister and Attorney General Bronwyn Eyre said. "These proposed amendments will build on current investor protection measures, strengthen the power of dispute resolution services and enforcement powers of the provincial regulator, and increase penalties for bad actors."
With this legislation, penalties for violations of Saskatchewan's securities laws will increase from $100,000 to $1 million, which will more effectively deter infractions and align Saskatchewan with most other Canadian jurisdictions.
Currently, independent dispute resolution services, which adjudicate complaints between investors and registered investment firms, can issue only non-binding recommendations. The proposed amendments will build on measures introduced in The Securities Amendment Act, 2019, and reinforce the province's strong commitment to safeguarding investors.
Amendments will also broaden enforcement powers of the FCAA to better promote compliance with Saskatchewan's securities laws. These powers include the authority to order the removal of information that contravenes Saskatchewan securities laws from a website or social media page, further enhancing investor protection in online spaces.
For more information, contact:Margherita Vittorelli
Financial and Consumer Affairs Authority