The Government of Ontario wants to change the law to improve the way in which investment industry self‐regulatory organisations enforce their decisions by allowing these decisions to be 'filed with the court.'

In its Budget Papers for 2017, the Government adds: "This measure will improve SROs’ ability to collect fines levied against individuals, helping to deter potential offenders and increasing funds available to the SROs for strengthening investor protection."

SROs include the Investment Industry Regulatory Organization of Canada and the Mutual Fund Dealers' Association. The IIROC published its annual enforcement report last month, which explains the run-up to Ontario's announcement in terms that make it sound as though the reform has happened already.

"Most recently, in March 2017 the Ontario government announced its intention to strengthen investor protection in that province by introducing legislative amendments to give IIROC [sic] the ability to pursue the collection of disciplinary fines directly through the courts. Ontario’s announcement followed a similar move by the Prince Edward Island Office of the Superintendent of Securities in January 2017, when it granted IIROC the authority to directly register our disciplinary decisions with the Supreme Court of Prince Edward Island.

"As a public interest regulator, having this enforcement tool in two additional provinces will enable us to provide stronger protection to the investing public and collect fines – which IIROC uses to fund investor protection, investor education and financial literacy initiatives – from wrongdoers who have previously evaded paying the penalty for their misconduct. This will also send a strong message of deterrence to potential wrongdoers: if you harm investors, you will be held accountable for your actions and pay the penalty.

"Ontario and Prince Edward Island join Alberta and Quebec as provinces that have granted IIROC the ability to collect disciplinary fines directly through the courts. Our collection rates are significantly higher than the national average over sustained periods of time in Alberta and Quebec and we expect similar results in PEI and Ontario over the years to come. Over the past year, we’ve had ongoing discussions with other provincial and territorial governments across the country urging them to give us the legal authority to collect unpaid fines. Since IIROC was established in 2008, almost $32 million in fines remains uncollected from individuals who simply walk away from discipline without facing any repercussions. Last year our national collection rate among individuals was only 8%."