Canada’s securities regulators impose more than C$138 million in penalties in 2015


The Canadian Securities Administrators (CSA), the council of the 10 provincial and three territorial securities regulators in Canada, today published its 2015 Enforcement Report.

The report summarizes the results of actions taken by CSA’s Members across Canada to deter and sanction financial wrongdoing.

Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers, says,

“In 2015, CSA members’ enforcement actions resulted in more than $138 million ordered in fines and administrative penalties, more than $111 million ordered in restitution, compensation and disgorgement and a total of ten years in jail sentences imposed on securities law offenders. To safeguard investors from illegal activity and to protect the integrity of Canada’s capital markets, the CSA constantly improves its enforcement processes with legal and technological innovations as well as with increased collaboration.”

2015 Enforcement Report Highlights:

  • In 2015, CSA Members concluded 145 cases against 233 individuals and 117 companies.
  • The regulators imposed fines and administrative penalties of more than C$138 million.
  • Over C$111 million in restitution, compensation and disgorgement were ordered.
  • Courts in Ontario, Alberta, Québec, British Columbia and Manitoba ordered jail terms under the Securities Acts for 15 individuals in 2015, ranging from 30 days to two years.
  • 108 cases commenced against a total of 165 individuals and 101 companies.
  • 35 freeze orders were issued against a total of 84 individuals and companies.
  • The most common category of law violations is Illegal Distributions, accounting for 50% of all the concluded cases in 2015. This category of wrongdoing accounts for 46% of the proceeding commenced.
  • CSA members also issue investor alerts to warn the public about individuals and companies that may be involved in harmful activity. In 2015, CSA members issued 84 investor alerts.

CSA_Infographic_ENG-01

You can view the full report by clicking here.

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Canada's securities regulators impose more than C$138 million in penalties in 2015

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