For Immediate Release
January 8, 2008

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

Montreal - 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 self-regulatory 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 media inquiries:

Alberta Securities Commission
Tamera Van Brunt
(403) 297-2664
1-877-355-0585 (toll free)
Autorité des marchés financiers
Frédéric Alberro
514-395-0558 poste 2176
1-800-361-5072 (Québec only)
British Columbia Securities Commission
Andrew Poon
1-800-373-6393 (BC & Alberta only)
Ontario Securities Commission
Laurie Gillett
1-877-785-1555 (toll-free in Canada)
Manitoba Securities Commission
Ainsley Cunningham
1-800-655-5244 (Manitoba only)
Saskatchewan Financial Services Commission
Barbara Shourounis
New Brunswick Securities Commission
Jane Gillies
1-866-933-2222 (New Brunswick only)
Nova Scotia Securities Commission
Chris Pottie
Department of Attorney General
Prince Edward Island
Mark Gallant
Financial Services Regulation Division
Newfoundland and Labrador
Doug Connolly
Yukon Securities Registry
Fred Pretorius
Securities Registry
Northwest Territories
Donald MacDougall
Nunavut Securities Registry
Jennifer MacIsaac
Phone: (867) 975-6591