SIPA
Small Investor Protection Association
a voice for small investors
Canadian RegulatorsFinancial institutions in Canada are regulated at either the federal or provincial level, or a combination of both. Banks and insurance federally incorporated insurance companies are regulated at the federal level. However securities dealers and provincially incorporated companies are regulated at the provincial level. Canada's financial regulators are outlined below. Federal regulatorsThe Financial Consumer Agency of Canada (FCAC) is responsible for enforcing many of the federal laws that protect consumers in their dealings with financial institutions. The FCAC has a responsibility to ensure that federally regulated financial institutions comply with federal consumer protection laws and regulations, and is one of three agencies regulating the activities of financial institutions under federal jurisdiction. The Office of the Superintendent of Financial Institutions (OSFI) is the regulator in charge of supervising the financial health and stability of federal financial institutions. These include all banks and all federally incorporated or registered insurance companies, trust and loan companies, co-operative credit associations, and fraternal benefit societies. The OSFI monitors these institutions on an ongoing basis to ensure certain operational requirements are met, such as having sufficient capital resources, liquidity levels and loan loss provisions. The OSFI conducts on-site reviews and uses its supervisory powers to take action in situations of gross breach of rules or in case of practices creating excessive risks. Provincial and territorial regulatorsEvery province and territory has one or more bodies to regulate financial institutions under provincial responsibility. These institutions include securities dealers, credit unions and caisses populaires, as well as other financial institutions that are registered or incorporated at the provincial level. The regulation of the securities industry is a provincial responsibility and each province has its securities commission or administrator that is generally accountable to the Provincial Ministry of Finance. However these provincial regulators participate in an organization called the Canadian Securities Administrators (CSA). The CSA is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets. The CSA has a mission to give Canada a securities regulatory system that protects investors from unfair, improper or fraudulent practices and fosters fair, efficient and vibrant capital markets, through developing the Canadian Securities Regulatory System (CSRS), a national system of harmonized securities regulation, policy and practice. The CSA has introduced an alphabetical list of disciplined persons for all of Canada. Ontario is not yet participating but is expected to be included in the near future. Consumer/investors can check whether their representatives have been disciplined on this website. The provincial securities commissions have delegated some of the regulation to self regulatory organizations (SRO) such as the Investment Regulator of Canada (IIROC) and the Mutual Fund Dealers Association (MFDA). The IIROC is responsible for regulating those firms that are members of the Investment Dealers Association (IDA). The MFDA regulates the firms that are members of the MFDA. The mandate of the regulators is to ensure that the rules and regulations are followed. They are empowered to investigate and to hold hearings, however that power has certain limitations. They do not have the power to order restitution. So if you have a complaint, the regulators can't get your money back. You will need to pursue other options. AlbertaAlberta Securities Commission
Tel: (403)
297-6454
Web site: www.albertasecurities.com British ColumbiaBritish Columbia Securities Commission
Tel: (604)
899-6500
Web site: www.bcsc.bc.ca ManitobaThe Manitoba Securities Commission
Tel: (204)
945-2548
Web site: www.msc.gov.mb.ca New BrunswickFinancial and Consumer Services Commission
Tel: (506)
658-3060
Web site: http://www.fcnb.ca Newfoundland and LabradorOffice of the Superintendent of Securities,
Tel: (709)
729-4189 Web site: http://www.servicenl.gov.nl.ca/securities/index.html Northwest TerritoriesNorthwest Territories Securities Office
Tel: (867)
920-3318 Web site: www.justice.gov.nt.ca/SecuritiesRegistry Nova Scotia
Nova Scotia Securities Commission
Tel: (902)
424-7768 Web site: www.gov.ns.ca/nssc NunavutNunavut Securities Office
Tel: (867)
975-6590 Web site:http://nunavutlegalregistries.ca/sr_index_en.shtml OntarioOntario Securities Commission
Tel: (416)
593-8314
Web site:www.osc.gov.on.ca Prince Edward Island
The Office of the Superintendent Securities
Tel: (902) 368-4569 QuébecAutorité des marchés financiers
Tel: (514) 395-0337 (Montréal) Web site:http://www.lautorite.qc.ca/en/index.html SaskatchewanFinancial and Consumer Affairs Authority
of Saskatchewan
Tel: (306) 787-5645 (Regina) Web site: www.sfsc.gov.sk.ca YukonOffice of the Yukon Superintendent of Securities
Courier: 2130 Second Avenue, 3rd Floor Web site: http://www.community.gov.yk.ca/corp/securities_about.html
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