The Globe and Mail reports in its Thursday edition that Supreme Court of Canada has found that people claiming bankruptcy after violating securities laws have the same rights to a fresh financial start as any other debtor who goes bankrupt. Guest columnists Joseph Groia and Jack Day write that has resulted in securities regulators calling for more powers. The court's decision is legally sound. In Poonian v. BCSC, a case involving a pair of B.C. fraudsters, the Supreme Court decided on July 31 that bankrupts are entitled to have debts relating to administrative monetary fines and penalties discharged; they will, however, continue to have to pay compensation or disgorgement orders made by the same regulators. The court found that administrative monetary penalties are not closely enough linked to the sanctioned misconduct which initially gave rise to the breach of securities laws. Unlike compensation orders, where the money usually goes to victims, proceeds collected from administrative penalties usually go to the regulators or the government. When regulators overreach and seek even greater powers, notwithstanding the extensive powers they already have, all Canadians need to carefully consider why they are doing so.