Latest Canadian Securities Regulators' enforcement efforts result in approximately $6.3 million in sanctions

CSA Securities

Montréal - The Canadian Securities Administrators’ (CSA) latest joint report on enforcement activities shows that Canada’s securities regulators worked together to complete 58 cases involving 226 companies and individuals, resulting in monetary sanctions, settlements and disgorgements totalling approximately $6.3 million. Additionally, regulators stopped 13 individuals and companies who were banned in one province or territory from continuing operations elsewhere. This edition of the CSA Report on Enforcement Activities highlights regulatory enforcement activities that occurred during the period April 1 to September 30, 2007.

During this period, the CSA also initiated proceedings in respect of 56 new enforcement matters and issued 42 interim orders to freeze assets and/or stop individuals and companies from trading in Canada’s capital markets.

Canadian criminal courts convicted 13 individuals and three companies of violating securities laws as a result of proceedings initiated by CSA members. These convictions resulted in $1.6 million in fines and restitution orders, and jail sentences for individuals up to six months. The majority of these court convictions were against those found to have illegally distributed securities.

“We issue this report twice a year to raise public awareness of the enforcement efforts that securities regulatory authorities are taking individually and collectively to protect Canadian investors and Canada’s capital markets from harm,” says Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). “The results clearly demonstrate that Canada’s regulators take very seriously any risk to investors and the capital markets.”

The report not only identifies securities commission and court decisions in all of the CSA jurisdictions, but also provides information related to enforcement activities carried out by selfregulatory organizations such as the Investment Dealers Association of Canada, the Mutual Fund Dealers Association of Canada and Market Regulation Services Inc. The report also gathers information regarding the activities of the Chambre de la sécurité financière, as well as the Montreal Exchange.

The seventh CSA Report on Enforcement Activities is available on the CSA website ( and several provincial and territorial securities regulators' websites.

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.

For more information:

CSA member name

Point of contact

Phone number


Autorité des marchés financiers

Frédéric Alberro


[email protected]

Alberta Securities Commission

Tamera Van Brunt


[email protected]

British Columbia Securities Commission

Andrew Poon


[email protected]

Department of Attorney General, Prince Edward Island

Mark Gallant


[email protected]

Financial Services Regulation Division, Newfoundland and Labrador

Doug Connolly


[email protected]

Manitoba Securities Commission

Ainsley Cunningham


[email protected]

New Brunswick Securities Commission

Jane Gillies


[email protected]

Nova Scotia Securities Commission

Chris Pottie


[email protected]

Nunavut Securities Registry

Jennifer MacIsaac


[email protected]

Ontario Securities Commission

Laurie Gillett

416-595-8913 This link will open in a new window, (Web site address)

Saskatchewan Financial Services Commission

Barbara Shourounis


[email protected]

Securities Registry Northwest Territories

Donald MacDougall


[email protected]

Yukon Securities Registry

Fred Pretorius


[email protected]