CSA Securities

CCalgary – The Canadian Securities Administrators (CSA) issued today its first report on enforcement activities by securities regulators, providing information about proceedings launched and sanctions issued during the six months ended September 30, 2004.

“Taken alone, our respective records in enforcement each provide a piece of the larger picture in Canada,” said Stephen Sibold, CSA Chair. “Put together, our records show a strong enforcement presence in our capital markets. Clearly, our accomplishments in this core CSA responsibility provide protection to investors across Canada.”

By identifying contraventions of securities laws or conduct that is contrary to the public interest and by imposing appropriate sanctions, CSA members deter wrongdoing, protect investors and foster fair and efficient capital markets in which investors have confidence. Enforcement personnel of CSA member authorities deal with potential violations of securities laws identified through internal CSA compliance and surveillance or as a result of complaints from market participants and the public.

“During the first six months of 2004, CSA members launched 77 enforcement proceedings that may result in hearings in court or at commission tribunals,” added Mr. Sibold. “During that same period, 59 cases resulted in sanctioning orders or settlements that frequently included several people or companies. This sends a strong message of deterrence to people who would consider violating our securities laws.”

Beyond providing greater transparency on CSA enforcement activities, compilation of the information will also provide additional benefits to the regulatory system, including:

  • Increased ability to identify trends in enforcement;
  • Identification of Commission and Court decisions in any jurisdiction which might have an impact on the regulatory regime; and
  • Improved cross-jurisdictional processes and coordinated inter-jurisdictional investigations through improved accountability to industry and communications to the marketplace.

The CSA Report on Enforcement Activities From April 1 to September 30, 2004 is available on the CSA web site (http://www.csa-acvm.ca) and several provincial and territorial securities regulators’ web sites. The report will be produced on a biannual basis.

The CSA is the council of the securities regulators of Canada's provinces and territories whose objectives are to improve, coordinate and harmonize regulation of the Canadian capital markets.

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Media relations contacts:

CSA member name

Point of contact

Phone number

Web site address

Alberta Securities Commission

Joni Delaurier


www.albertasecurities.com This link will open in a new window

Autorité des marchés financiers

Philippe Roy


www.lautorite.qc.ca This link will open in a new window

British Columbia Securities Commission

Andrew Poon


www.bcsc.bc.ca This link will open in a new window

Manitoba Securities Commission

Ainsley Cunningham


www.mbsecurities.ca This link will open in a new window

New Brunswick Securities Administration Branch

Christina Taylor


www.nbsc-cvmnb.ca This link will open in a new window

Northwest Territories Registrar of Securities

Tony Wong


www.justice.gov.nt.ca This link will open in a new window

Nova Scotia Securities Commission

Scott Peacock


www.novascotia.ca This link will open in a new window

Ontario Securities Commission

Eric Pelletier


www.osc.gov.on.ca This link will open in a new window

Prince Edward Island Office of the Attorney General

Marc Gallant


www.gov.pe.ca This link will open in a new window

Saskatchewan Financial Services Commission

Patti Pacholek


www.publications.gov.sk.ca This link will open in a new window

Securities Commission of Newfoundland and Labrador

Susan W. Powell


www.servicenl.gov.nl.ca This link will open in a new window

Yukon Registrar of Securities

Richard Roberts