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Canadian Securities Administrators goes increasingly digital in fight against investment misconduct: Fiscal Year 2018/19 Enforcement Report

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Securities regulators detect, disrupt and deter securities misconduct amid emerging technologies and threats

The Canadian Securities Administrators (CSA) today released its fiscal year 2018/19 Enforcement Report, which outlines how securities regulators are protecting the integrity of Canada’s capital markets.
The report highlights the cross-jurisdictional collaboration and technology investments that have enabled CSA members to detect and deter misconduct amid the emergence of new technologies and threats.

“As our world becomes increasingly digital, enforcement of securities laws must also evolve,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers. “This year’s Enforcement Report shows that by deploying sophisticated investigative tools and techniques and by continuing to strengthen our connections – with each other, global enforcement partners and other regulators – we are keeping pace with emerging trends in Canada’s capital markets.” 

Recognizing that securities misconduct goes beyond borders, CSA members continued to strengthen efforts to collaborate with each other and securities regulators in other countries by sharing best practices and aligning on enforcement priorities. This included advancing the multijurisdictional response to emerging pump-and-dump threats as part of the Cross-Border Market Fraud Initiative and hosting global representatives at the annual Insider Trading and Market Manipulation Conference.

The CSA also continued the development of a data repository and analytics system that will help CSA members improve efficiencies and identify market misconduct faster and earlier.

Highlights from the fiscal year 2018/19 Enforcement Report include:

  • 42 cases involving collaboration between CSA member jurisdictions;
  • 100 cease-trade and asset-freeze orders issued;
  • 32 fraud cases tried, resulting in over $24 million in penalties;
  • 63 individuals banned from participating in the capital market;
  • 12 offenders received a combined 36 years of jail time under the Criminal Code and
  • 46 Investor Alerts issued to warn the public about possible investment scams.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

Click here to view the Canadian Securities Administrators fiscal year 2018/19 Enforcement Report.

For Investor inquiries, please refer to your respective securities regulator. You can contact them here.