For Immediate Release
December 10, 2004

 

Canadian Securities Regulators Release First Report on Enforcement

Calgary—The Canadian Securities Administrators (CSA) issued today its first joint report on enforcement activities, 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.

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.

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. 

Media relations contacts:

British Columbia Securities Commission
Andrew Poon
604-899-6880
1-800-373-6393 (B.C. & Alberta only)
www.bcsc.bc.ca

Alberta Securities Commission
Joni Delaurier
403-297-4481
www.albertasecurities.com

Manitoba Securities Commission
Ainsley Cunningham
204-945-4733
1-800-655-5244 (Manitoba only)
www.msc.gov.mb.ca

Ontario Securities Commission
Eric Pelletier
416-595-8913
1-877-785-1555 (toll free in Canada)
www.osc.gov.on.ca

Autorité des marchés financiers (AMF)
Philippe Roy
514-940-2176
1-800-361-5072 (Québec only)
www.lautorite.qc.ca

New Brunswick Securities Administration Branch
Christina Taylor
506-658-3060
1-866-933-2222 (New Brunswick only)
www.investor-info.ca

Nova Scotia Securities Commission
Scott Peacock
902-424-6179
www.gov.ns.ca/nssc

Securities Commission of Newfoundland and Labrador
Susan W. Powell
7
09-729-4875
www.gov.nl.ca/scon

Northwest Territories Registrar of Securities
Tony Wong
867-873-7490
www.justice.gov.nt.ca

Prince Edward Island Office of the Attorney General
Marc Gallant
902-368-4552
www.gov.pe.ca

Saskatchewan Financial Services Commission
Patti Pacholek
(306) 787-5871
www.sfsc.gov.sk.ca

Yukon Registrar of Securities
Richard Roberts
(867) 667-5225