For Immediate Release
February 27, 2017

Canadian securities regulators introduce innovative initiatives and increase collaboration to deter market misconduct

Montréal - The Canadian Securities Administrators (CSA) today released its 2016 Enforcement Report. The ninth annual report highlights actions taken across Canada to deter and sanction wrongdoing in the capital markets.

“In 2016, CSA members continued with efforts to deter and sanction financial wrongdoing, with two jurisdictions implementing whistleblower programs, and a third partnering with law enforcement,” said Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers. “The CSA is also addressing emerging issues, for example by creating a task force with financial institutions and international regulatory counterparts to address the growing threat of binary options investing, and developing a new national market analytics software program to identify potential misconduct.”

The CSA’s 2016 Enforcement Report highlights the enforcement actions taken by CSA members against those who breach Canada’s securities laws.

Some highlights from the 2016 Enforcement Report:

  • 39 years of jail time ordered for those committing securities-related misconduct.
  • $299 million in compensation that respondents undertook to return to investors through no-contest settlements and $51 million in restitution and disgorgement orders.
  • 120 people and 82 companies placed under interim and asset freeze orders, preventing further harm to investors.

The 2016 Enforcement Report can be viewed on the CSA’s website at

The publication of this report, in advance of Fraud Prevention Month (March), helps Canadians learn ways to easily identify and avoid investment fraud. Several fraud prevention tools and resources are available on the CSA’s website.

The CSA, the council of securities regulators of Canada’s provinces and territories, is committed to the joint mandate of punishing and preventing misconduct in Canada’s capital markets. CSA members work collaboratively to improve, coordinate and harmonize the regulation of Canada's capital markets.

For more information:

Sylvain Théberge
Autorité des marchés financiers

Nicole Tuncay
Alberta Securities Commission

Alison Walker
British Columbia Securities Commission

Kristen Rose
Ontario Securities Commission

Jason (Jay) Booth
Manitoba Securities Commission

Andrew Nicholson
Financial and Consumer Services
Commission, New Brunswick

David C. Harrison
Nova Scotia Securities Commission

Janice Callbeck
Office of the Superintendent
of Securities, P.E.I.

Carl Allwood
Office of the Superintendent of Securities
Newfoundland and Labrador

Rhonda Horte
Office of the Yukon Superintendent
of Securities

Jeff Mason
Nunavut Securities Office

Tom Hall
Office of the Superintendent of
Securities, Northwest Territories

Shannon McMillan
Financial and Consumer Affairs
Authority of Saskatchewan