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How much do you know about the Nova Scotia Securities Commission (NSSC) and the people behind it? The Before You Invest Blog has previously published posts on the Commission, highlighting our mandate and the role of the different Commission branches. But, what about the people that make up the Commission, the ones who shoulder that mandate and tirelessly work to protect Nova Scotia investors? Our new series “Getting to know the Nova Scotia Securities Commission” takes a closer look at some of these people, what they do and how they support the mandate of the NSSC. Today we’re speaking with the Deputy Director, Registration & Compliance of the NSSC, Cynthia Tambago-Alday.
What is your role with the Nova Scotia Securities Commission?
I’m Cynthia Tambago-Alday, the Deputy Director of Registration & Compliance. I oversee the registration of firms and individuals seeking to trade or advise in securities or manage investment funds in Nova Scotia and I also oversee compliance reviews to ensure they continue to meet regulatory standards.
How do you support the mandate of NSSC?
The NSSC’s mandate is to protect investors and foster fair and efficient capital market, and my role supports that in a couple of ways. I oversee both registration and compliance, which means I help ensure that individuals and firms who trade or advise in securities or manage investment funds are properly registered and meet the standards set out in our legislation. On the compliance side, I oversee examinations and ongoing monitoring to support transparent, ethical conduct—That helps build investor confidence and reinforce market integrity.
What should the public know about NSSC that they might not know?
One thing I think the public might not realize is that the NSSC doesn’t operate in a silo. We’re in constant collaboration with other securities regulators across Canada through the Canadian Securities Administrators, or CSA. That means we’re working together to harmonize rules, share insights, and respond to emerging issues in a coordinated way.
We also work closely with the Canadian Investment Regulatory Organization or CIRO, a self-regulatory organization —to ensure consistent oversight of registrants. It’s a national effort, and that collaboration helps strengthen investor protection and market integrity across the country.
What do you find most challenging about your role?
One of the biggest challenges in my role is balancing the need for thorough oversight with the reality of limited resources. Every firm is different—different structures, different business models—so tailoring our approach while still being consistent and fair takes a lot of thoughtful judgment.
Sometimes, registrants may not fully grasp the importance of compliance until an issue surfaces, so part of our job is helping them see it as a proactive strength, not just a reactive obligation. At the same time, we’re very mindful not to create unnecessary regulatory burden. We want our reviews to be meaningful and constructive, not overwhelming. It’s about supporting firms in building strong compliance cultures without getting in the way of their ability to serve clients and grow responsibly.
What do you enjoy most about your role?
What I enjoy most is the investigative and analytical side of compliance work. Every review feels a bit like solving a puzzle—figuring out how a firm operates, spotting areas that could be stronger, and helping them improve. It’s incredibly rewarding to see firms take our feedback and evolve their practices.
I also really enjoy learning from other regulators across Canada. Everyone brings a slightly different approach, and there’s a lot of value in sharing insights and adapting strategies that have worked well elsewhere. That kind of collaboration helps us stay sharp and ensures we’re always improving how we support firms and protect investors.
How often does NSSC do compliance reviews on firms/financial institutions?
It really depends. We use a risk-based approach when deciding how often to conduct compliance reviews. So, firms that are larger, more complex, or have had issues in the past might be reviewed more frequently. Others may be on a longer cycle. And if something concerning comes to our attention—whether through a tip, a trend, or a red flag—we’ll take a closer look right away.
That said, we’re always mindful of the regulatory burden. Our goal isn’t to overwhelm firms, but to support them in building strong compliance frameworks. We try to be thoughtful in our timing and approach, so that reviews are constructive, not disruptive.
Why is it important that firms and financial institutions undergo regular compliance reviews?
Regular compliance reviews are essential because they help ensure firms are meeting their regulatory obligations and operating in a way that protects investors. They also give us the opportunity to catch issues early—before they escalate into something more serious.
But beyond that, these reviews are about promoting a culture of compliance. We want firms to see compliance not as a checklist, but as part of how they do business every day. When that mindset is embedded in a firm’s operations, it leads to better outcomes for clients, stronger internal controls, and ultimately, a more trustworthy securities industry.
What are the most common violations found during compliance reviews?
We often come across areas where firms could use a bit of strengthening—things like recordkeeping that isn’t quite up to standard, policies and procedures that haven’t been updated in a while, or disclosures to clients that could be clearer.
These aren’t necessarily signs of misconduct—they’re usually the result of growing pains, limited resources, or simply not being aware of certain expectations. That’s why our compliance reviews are designed to be constructive. We’re not just pointing out issues; we’re helping firms identify gaps and build stronger, more resilient compliance systems that support both their business and investor protection.
What do you enjoy doing with your time outside the NSSC?
Outside of work, I really enjoy spending time with my husband and kids. We like to travel when we can, go for walks, and explore different parts of Nova Scotia—it’s a great way to unwind and stay connected. I’ve also developed an interest in real estate investing, so I’ll often find myself reading up on market trends or looking into new opportunities. And at home, I’m the go-to person for fixing things. I love a good DIY project—whether it’s organizing, repairing, or improving something around the house.