The Canadian Securities Administrators (CSA) have published the Fiscal Year 2018/2019 Enforcement Report (the Report) which details the enforcement actions the regulator took during the past year. As well, the Report highlighted cooperation between different jurisdictions and the investments in new technology that have enabled it to punish misconduct and preserve the integrity of the capital markets.
Fiscal Year 20018/2019 saw CSA members continue to strengthen collaboration efforts with each other and securities regulators in other countries by sharing best practices and aligning on enforcement priorities. This included advancing the multijurisdictional response to emerging pump-and-dump threats as part of the Cross-Border Market Fraud Initiative and hosting global representatives at the annual Insider Trading and Market Manipulation Conference.
Highlights of the Report include:
- Over 200 public inquiries were received by NASAA (North American Securities Administrators Association) from Operation Cryptosweep;
- 100 cease-trade and asset-freeze orders were issued;
- 63 individuals were banned from participating in the capital markets;
- 46 investor alerts were issued;
- 12 offenders received a combined 36 years of jail time under the Criminal Code, with a further 11 individuals receiving a combined 12.7 years for quasi-criminal offenses; and,
- 82 files were referred among the jurisdictions for further action.
The full Fiscal Year 2018/2019 Enforcement Report is available for download from the website of the Canadian Securities Administrators.
For more information, please call Barbara Hendrickson at BAX Securities Law (416) 601 -1004.
This publication is not intended to constitute legal advice. No one should act on it or refrain from acting on it without consulting with a lawyer. BAX does not warrant or guarantee the accuracy or currency or completeness of the publication. No part of this publication may be reproduced without the prior written permission of BAX Securities Law.